Abstract
This research examines the moderating role of regret aversion in reason-based choice. Earlier research has shown that regret aversion and reason-based choice effects are linked through a common emphasis on decision justification, and that a simple manipulation of regret salience can eliminate the decoy effect, a well-known reason-based choice effect. We show here that the effect of regret salience varies in theory-relevant ways from one reason-based choice effect to another. For effects such as the select/reject and decoy effect, both of which were independently judged to be unreasonable bases for deciding, regret salience eliminated the effect. For the most-important attribute effect that is judged to be normatively acceptable, however, regret salience amplified the effect. Anticipated self-blame regret and perceived decision justifiability consistently predicted preferences and thus offer a parsimonious account of both attenuation and amplification of these reason-based choice effects.
Original language | English (US) |
---|---|
Pages (from-to) | 35-51 |
Number of pages | 17 |
Journal | Theory and Decision |
Volume | 73 |
Issue number | 1 |
DOIs | |
State | Published - Jul 2012 |
Externally published | Yes |
Keywords
- Accept/reject effect
- Decision justification
- Decoy effect
- Most important attribute effect
- Reason-based choice
- Regret
- Regret aversion
ASJC Scopus subject areas
- General Decision Sciences
- Developmental and Educational Psychology
- Arts and Humanities (miscellaneous)
- General Economics, Econometrics and Finance
- Applied Psychology
- Computer Science Applications
- General Social Sciences