We’re all guilty of putting off that big decision because our brains can’t stop focusing on potential negative outcomes. Dread shapes our decision making and new research published in the journal Cognitive Science explores why spinning those negative scenarios affects us more than the possible positive outcomes. 

The team from the University of Bath in England and the University of Waterloo in Canada analyzed data from the British Household Panel Survey (BHPS). This long-scale survey of roughly 10,000 households in the United Kingdom measures several economic, social, and psychological variables. The team looked at roughly 14,000 individuals between 1991 and 2024, tracking emotional responses to real-world economic choices including investing, changing jobs, or making health decisions.

They found that this emotional imbalance of focusing more on the potential bad outcomes than the good ones plays a central role in shaping economic behavior. Survey participants who experience stronger negative than positive anticipatory emotions are significantly more likely to avoid risk. They found that the emotional impact of dread is more than six times stronger than the potential happiness they would feel from anticipating equivalent gains. Dread also makes people less likely to wait for delayed positive outcomes like a return on investment, even when that patience may lead to greater rewards.

“Put simply, the emotional pain from anticipating a £10 (about $13) loss is far stronger than savoring the thought of a £10 gain,” Chris Dawson, a study co-author at the University of Bath who researches economics and decision making, said in a statement. “This imbalance shapes how much risk people are willing to take and how long they are prepared to wait, potentially influencing decisions across everyday life, from money and careers to health and wellbeing.”