Connolly-RegretDecisionMaking-2002

Regret in Decision Making

Authors & Source

• Authors: Terry Connolly and Marcel Zeelenberg

• Source: Current Directions in Psychological Science, Dec. 2002, Vol. 11, No. 6 (pp. 212-216)

• Publisher: Sage Publications, Inc. on behalf of Association for Psychological Science

• Stable URL: JSTOR

Overview of Regret in Decision Making

• Decision research increasingly acknowledges emotions' role in decision making, with regret being the most studied emotion.

• Decisions encompass considerations of options, outcomes, desirability, and strong emotional factors—especially how a person feels at the decision moment and afterward.

• Regret can be painful and can arise from both actions and inactions based on the outcomes.

Early Studies on Regret

Kahneman and Tversky's Study (1982)

• Study involved two investors who both lose $1,200 but differ in action (buying vs. holding stock).

• Findings: 92% believed the active buyer felt more regret than the passive holder, suggesting action leads to greater regret compared to inaction.

Gilovich and Medvec's Findings (1995)

• Participants were asked to recall real-life regrets, leading to the conclusion that omissions (inactions) are regretted more than commissions (actions) over time.

• Proposed that short-term pain from actions is outweighed long-term by pain from missed opportunities.

Economic Choice Theorists

• Predicted that regret motivates avoidance of choices leading to worse outcomes than alternative options.

• Newer experiments cast doubt on the reliability of previous findings, indicating possible flaws in earlier studies.

Decision Justification Theory (DJT)

Core Components of Regret

• Decision Justification Theory (DJT) is proposed to resolve conflicting findings:

  • Outcome Evaluation: Regret arises when an outcome is worse than expected (e.g., outcome from a rejected option).

  • Self-Blame: Feelings of regret concerning personal responsibility for poor choices, even if outcome is positive.

Examples Illustrating DJT

• Driving Drunk Example: A driver felt regret for risky behavior regardless of a safe outcome due to lack of justification for the choice.

• Vaccination Scenario: A parent regretted a bad outcome but felt justified because they made an informed decision.

Application of DJT in Studies

• Crawford et al. (2002): Participants regretted decisions influenced by external advice retrospectively justified when outcomes were poor.

• Simon's Study (1992): Subject's regret anticipation led to preference for safer options as justifications at decision time increased behavioral caution.

Future Directions of Regret Research

• Further studies necessary to understand the factors contributing to effective justifications for regret.

• Investigating how positive emotions resulting from good decisions interplay with the experience of regret.

• Future research may also focus on how deliberation about justifications can enhance decision-making and mitigate regret.

Recommended Reading

• Gilovich, T., & Medvec, V.H. (1995).

• Landman, J. (1993).

• Meilers, B.A., Schwartz, A., & Ritov, I. (1999).

• Sugden, R. (1985).

Acknowledgments

• Gratitude to Lisa Ordonez and Jochen Reb for their insightful comments.