In my younger and more vulnerable years, I performed a private ritual whenever I went to a show or movie, and found myself in a less-than-ideal seat: I would furtively look around until I found somebody in a seat that was unequivocally worse than my own. Then I would relax, knowing I didn't have the worst seat in the house.
I don't remember when I stopped doing this, but at some point it just didn't matter so much anymore. I also don't remember when it peaked, but I now suspect it was tenth grade. This phenomenon probably has a name already, but since I regard it as the defensive sibling of Fear of Missing Out (FOMO), I'm calling it Fear of Getting Shafted (FOGS).
FOMO is a phenomenon that, at its best, drives discovery and adventure. At its worst, it leads people to take stupid risks ("If your friends jumped off a bridge, would you jump to?" is a question about FOMO). My favorite story about FOMO comes from cultural critic, university teacher and Vietnam Vet Henry Allen, who told me that he always felt like he missed out on the sixties because he was in Vietnam, but a friend of his who was a radical activist told him the thing about the sixties was that even in the midst of a riot, he'd be wondering if there was a better riot a few blocks away. Fundamentally, FOMO puts you on the offense - it sends you down the street searching for a better riot.
FOGS, on the other hand, is a protective instinct. Ponzi schemes are driven by FOMO, and FOGS is what tells you that they're probably too good to be true. But at its worst, it leads to a joyless life of endless suspicion of other people's motives.
My favorite illustration of FOGS is an economic exercise called the "ultimatum game". Here's how HowStuffWorks summarizes it:
You're standing on the sidewalk with a friend, minding your own business, when a man approaches with a proposition. He offers you $20 in one-dollar bills and says you can keep the money, under one condition: You have to share some of it with your friend. You can offer your friend as much or as little as you like, but if your friend rejects your offer, neither of you get to keep any of the money. What do you do?According to the "rational actor" assumptions of classical economics that no-one ever follows, you give your friend $1.00 and your friend grudgingly accepts it. But what tends to happen (at least according to HowStuffWorks, Wikipedia, and this article I found on Stanford's website) is that people tend to offer about $8.00 to their friends, and that offers below $3.00 tend to get rejected, leaving nobody with any money.