Based on a robust decision phenomenon of loss aversion, people are distinctly more sensitive to losses than to gains. The psychological pain experienced due to a loss is greater than the pleasure experienced due to a gain of the same amount. We argue that physical pain can be viewed as a psychological loss with diminishing sensitivity. Pain thus would be preferred summed rather than distributed. The results from 89 student-participants recruited from a public university in the Midwest US revealed that chronic pain is correlated with reduced subjective life expectancy and increased impulsivity. We found a significant propensity to prefer sharp-and-shorter pain to milder-and-longer pain. The loss-aversion score predicted this propensity in pain management. We developed a new behavioral measure of Band-Aid removal as a predictor for pain duration-intensity tradeoff. The higher the Band-Aid removal time, the higher the preference for higher-duration and lower intensity, and the lower willingness to seek medical attention for pain. The participants also revealed a higher willingness to seek medical help for generalized pain than localized pain to reduce information ambiguity.