Does your gain define my loss?: Socially-defined counterfactual loss and prevention-focused decision-making

•This study tested how individual differences in motivation relate to risky decisions.•We manipulated counterfactual loss by describing other participants’ recent gains.•Participants decided how to allocate a $1 bonus: savings vs. investment in Bitcoin.•A stronger prevention focus predicted lower risk-taking after counterfactual loss.•This effect was mediated by hypothetical feelings of relief.