real life, you’re unlikely to ever meet Bill Gates. But thanks to selective reporting by the media, you may be tempted to compare your life success to his—and suffer hedonic penalties accordingly. The objective frequency of Bill Gates is 0.00000000015, but you hear about him much more often. Conversely, 19% of the planet lives on less than $1/day, and I doubt that one fifth of the blog posts you read are written by them.
