Interestingly, there are data on these two groups of people, data on how happy they are. And this is exactly what you expected, isn't it? But these aren't the data. I made these up!
These are the data. You failed the pop quiz, and you're hardly five minutes into the lecture. Because the fact is that a year after losing the use of their legs, and a year after winning the lotto, lottery winners and paraplegics are equally happy with their lives.
Now, don't feel too bad about failing the first pop quiz, because everybody fails all of the pop quizzes all of the time. The research that my laboratory has been doing, that economists and psychologists around the country have been doing, have revealed something really quite startling to us, something we call the "impact bias," which is the tendency for the simulator to work badly. For the simulator to make you believe that different outcomes are more different than in fact they really are.
From field studies to laboratory studies, we see that winning or losing an election, gaining or losing a romantic partner, getting or not getting a promotion, passing or not passing a college test, on and on, have far less impact, less intensity and much less duration than people expect them to have. In fact, a recent study -- this almost floors me -- a recent study showing how major life traumas affect people suggests that if it happened over three months ago, with only a few exceptions, it has no impact whatsoever o