Coping with losses - a lesson from monkeys and cats

So this is the week after the British August Bank Holiday Weekend. Being the last bank holiday of the summer, people usually have tonnes to share after the madness. While I was out at Bradford observing the clash between the EDL and their oppositions, my friend returned from his holiday to be greeted by the news of his cat’s demise. Well, not his cat but his mother’s cat. His feeling towards this loss was strong, which reminded me of a TED speech I once saw. One of the analogy used was the following:

Scenario 1)

You are given £100, then you are two choice:

a) gamble your £100 for another £100

b) an additional £50

Scenario 2)

You are given £200, then you are two choice:

a) £50 is taken from the given £200, no question!

b) gamble your £200, in order to keep the whole £200 (all or nothing)

According to the research, both human and monkey would make the wrong, riskier choice when posed with scenario 2 - gambling the whole £200 for keeps. The explanation to this is that when already been give something, both humans and monkeys find it difficult to relinquish this gain and make the right decision - 1b and 2a both equates to a safe £150.

I guess the same can be said for the passing of a pet or a relative. Rather than appreciating how lucky to have had the cherished memories and great experience in the first place (£100 + 50), most people would choose to see it from a negative prospective (£200 − 50). The matter of fact is, both cases end with £150, it just depends on how you choose to see it.