Short answers, pulled from the story.
Social psychologists Victoria Medvec, Scott Madey, and Thomas Gilovich conducted the 1995 study on counterfactual thinking during the Olympic Games. Their research revealed that bronze medalists were significantly happier than silver medalists due to downward counterfactual thinking.
The tradition of awarding a bronze medal to the third-place finisher began at the 1904 Olympic Games in St. Louis, Missouri. Before this date, only first and second places received medals.
Bronze medalists are often happier because they engage in downward counterfactual thinking and feel relief for avoiding fourth place. Silver medalists suffer from upward counterfactual thinking and imagine how they could have won the gold medal.
The 1904 Olympic Games in St. Louis, Missouri introduced the bronze medal to recognize third-place finishers. Prior to this event, only first and second places received official medals.
Two bronze medals are awarded in each event for sports such as boxing, judo, taekwondo, and wrestling. This system awards one medal for each eliminated semi-finalist and another for the winners of the repechage brackets.
Florentine artist Giuseppe Cassioli designed the generic obverse for Olympic medals from 1928 to 1968. His design featured a Roman amphitheatre and was used until the Athens 2004 Games commissioned a new design.