[Tloewald]

His argument would be correct if the effect size were tiny, i.e. people got as much satisfaction from gaining $102 as from losing $100, but it's a much bigger effect than that. E.g. I will spend half an hour searching for a lost $5 widget (e.g. a lens cap or an iPhone recharging cable... ok a $20 widget) when I could easily earn far more money doing almost anything else (or keep my extremely expensive free time).

Also, recouping a loss is far more satisfying than an equivalent windfall, and DMU completely fails to explain that.