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Its always better to say “I have one good news and one bad news. Which one would you want to hear first?"
One's perception changes when they are presented with information in either of the two ways. The responses received in both the cases are different.
The decision makers prefer to mentally separate a small gain from a big loss. Thus, providing a silver lining to the loss. When the loss is much more than the gain, people prefer to hear it separately as that gives a little relief to the .