In practice, the psychological phenomenon of loss aversion means that someone may feel more upset by what they perceive as a “loss” rather than a mere “failure to benefit”. Such negative feelings may further reduce their well-being, turning the judgment that “loss is worse” into something of a self-fulfilling prophecy.

Richard Yetter Chappell and Darius Meissner, Arguments for utilitarianism, An Introduction to Utilitarianism, Oxford, 2023