From March Madness upsets, to startup garage stories and Rocky movies, we tend to always side with the underdogs - what does this tell us about humans?
I’m one of the minority who rarely root for the underdog. One reason is what prospect theory/behavioral econ suggests about utility functions: the amount of pain felt is a function of the difference between outcomes and expectations, and the pain of failing to meet expectations is generally much greater than the joy of exceeding them. But another reason is that I find it entertaining and inspiring to witness greatness over a long timespan, and upsets diminish our perception of greatness. I’d much rather marvel at consistently superhuman performances by Roger Federer and LeBron than watch a sport where there’s so much parity that there are no transcendent players.
I’m one of the minority who rarely root for the underdog. One reason is what prospect theory/behavioral econ suggests about utility functions: the amount of pain felt is a function of the difference between outcomes and expectations, and the pain of failing to meet expectations is generally much greater than the joy of exceeding them. But another reason is that I find it entertaining and inspiring to witness greatness over a long timespan, and upsets diminish our perception of greatness. I’d much rather marvel at consistently superhuman performances by Roger Federer and LeBron than watch a sport where there’s so much parity that there are no transcendent players.