Two students are taking a physics test. The optimistic student expects to get an A, while the pessimistic student would be happy with a C. When the test results are determined, it happens that they both received Bs. It is most likely that

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The pessimistic student, who expected a C but received a B, is likely to be happier because the outcome exceeded their expectations. The optimistic student, expecting an A but receiving a B, might feel disappointed as the result did not meet their higher expectation.  The optimistic student will likely feel very unhappy. What seems like a gain or loss will be partly determined by expectations, even though objectively both students have exactly the same grade.

Two Students Are Taking a Physics Test