Jones's Paradox

Jones's Paradox describes a situation where people sometimes prefer to lose a small benefit rather than gain an equivalent benefit elsewhere, even when overall well-being would improve with the transfer. In essence, individuals may reject a fair trade if it involves giving up something of slight personal value, revealing a complex sense of loss aversion or fairness. This paradox highlights how perceptions of fairness or loss influence decision-making, often leading to choices that seem irrational from a purely economic standpoint but make sense psychologically.