IDEAS home Printed from https://ideas.repec.org/a/eee/jobhdp/v126y2015icp107-114.html
   My bibliography  Save this article

Choosing between options associated with past and future regret

Author

Listed:
  • Shani, Yaniv
  • Danziger, Shai
  • Zeelenberg, Marcel

Abstract

People sometimes choose between options associated with already-missed and to-be-missed counterfactuals, or put differently, between past and future regret. We find that these objectively irrelevant associations systematically sway peoples’ choices. Results show participants prefer options associated with past promotions (Studies 1–3), and they experience more regret and feel more responsible for missing a future promotion (Studies 1 and 2). Study 2 also shows that participants’ preference for products associated with a past miss decreases when they know they will not encounter the future miss (promotion). Study 3 shows this preference also decreases when the product is utilized before the future miss becomes available. Finally, in a non-promotion context, Study 4 demonstrates that people distance themselves from a future miss when they are responsible for the miss but not when another person is responsible for it. These findings are related to regret, inaction inertia and the psychology of discounts.

Suggested Citation

  • Shani, Yaniv & Danziger, Shai & Zeelenberg, Marcel, 2015. "Choosing between options associated with past and future regret," Organizational Behavior and Human Decision Processes, Elsevier, vol. 126(C), pages 107-114.
    • Handle: RePEc:eee:jobhdp:v:126:y:2015:i:c:p:107-114
    DOI: 10.1016/j.obhdp.2014.11.001
    as

    Download full text from publisher

    File URL: http://www.sciencedirect.com/science/article/pii/S0749597814001009
    Download Restriction: Full text for ScienceDirect subscribers only
    File URL: https://libkey.io/10.1016/j.obhdp.2014.11.001?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    References listed on IDEAS

    as
    1. Zeelenberg, Marcel & van Dijk, Wilco W. & Manstead, Antony S. R., 2000. "Regret and Responsibility Resolved? Evaluating Ordonez and Connolly's (2000) Conclusions," Organizational Behavior and Human Decision Processes, Elsevier, vol. 81(1), pages 143-154, January.
    2. Arkes, Hal R. & Kung, Yi-Han & Hutzel, Laura, 2002. "Regret, Valuation, and Inaction Inertia," Organizational Behavior and Human Decision Processes, Elsevier, vol. 87(2), pages 371-385, March.
    3. Shai Danziger & Liat Hadar & Vicki G. Morwitz, 2014. "Retailer Pricing Strategy and Consumer Choice under Price Uncertainty," Journal of Consumer Research, Journal of Consumer Research Inc., vol. 41(3), pages 761-774.
    4. Joachim Vosgerau & Klaus Wertenbroch & Ziv Carmon, 2006. "Indeterminacy and Live Television," Journal of Consumer Research, Journal of Consumer Research Inc., vol. 32(4), pages 487-495, March.
    5. Butler, Adam & Highhouse, Scott, 2000. "Deciding to sell: The effect of prior inaction and offer source," Journal of Economic Psychology, Elsevier, vol. 21(3), pages 223-232, June.
    6. Jiwoong Shin & Dan Ariely, 2004. "Keeping Doors Open: The Effect of Unavailability on Incentives to Keep Options Viable," Management Science, INFORMS, vol. 50(5), pages 575-586, May.
    7. Kumar, Piyush, 2004. "The effects of social comparison on inaction inertia," Organizational Behavior and Human Decision Processes, Elsevier, vol. 95(2), pages 175-185, November.
    8. Zeelenberg, Marcel & Nijstad, Bernard A. & van Putten, Marijke & van Dijk, Eric, 2006. "Inaction inertia, regret, and valuation: A closer look," Organizational Behavior and Human Decision Processes, Elsevier, vol. 101(1), pages 89-104, September.
    9. Zeelenberg, M., 1999. "The use of crying over spilled milk : A note on the rationality and functionality of regret," Other publications TiSEM 66ac04be-d1ee-4a0e-9e97-7, Tilburg University, School of Economics and Management.
    10. Jingjing Ma & Neal J. Roese, 2014. "The Maximizing Mind-Set," Journal of Consumer Research, Journal of Consumer Research Inc., vol. 41(1), pages 71-92.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Xiaohu Qian & Shu-Cherng Fang & Min Huang & Qi An & Xingwei Wang, 2018. "Reverse auctions with regret-anticipated bidders," Annals of Operations Research, Springer, vol. 268(1), pages 293-313, September.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Lu, Jingyi & Jia, Huiyuan & Xie, Xiaofei & Wang, Qiuhong, 2016. "Missing the best opportunity; who can seize the next one? Agents show less inaction inertia than personal decision makers," Journal of Economic Psychology, Elsevier, vol. 54(C), pages 100-112.
    2. Liu, Hsin-Hsien & Chou, Hsuan-Yi, 2018. "Promotional formats and inaction inertia," Journal of Economic Psychology, Elsevier, vol. 66(C), pages 22-32.
    3. Conor M. Henderson & Lena Steinhoff & Colleen M. Harmeling & Robert W. Palmatier, 2021. "Customer inertia marketing," Journal of the Academy of Marketing Science, Springer, vol. 49(2), pages 350-373, March.
    4. Jeffrey Sohl, 2022. "Angel investors: the impact of regret from missed opportunities," Small Business Economics, Springer, vol. 58(4), pages 2281-2296, April.
    5. Zeelenberg, Marcel & Nijstad, Bernard A. & van Putten, Marijke & van Dijk, Eric, 2006. "Inaction inertia, regret, and valuation: A closer look," Organizational Behavior and Human Decision Processes, Elsevier, vol. 101(1), pages 89-104, September.
    6. Ivan Barreda-Tarrazona & Ainhoa Jaramillo-Gutierrez & Daniel Navarro-Martinez & Gerardo Sabater-Grande, 2014. "The role of forgone opportunities in decision making under risk," Journal of Risk and Uncertainty, Springer, vol. 49(2), pages 167-188, October.
    7. Khare, Adwait & Chowdhury, Tilottama G. & Morgan, Jeremy, 2021. "Maximizers and Satisficers: Can’t choose and Can’t reject," Journal of Business Research, Elsevier, vol. 135(C), pages 731-748.
    8. Dholakia, Utpal M. & Gopinath, Mahesh & Bagozzi, Richard P., 2005. "The role of desires in sequential impulsive choices," Organizational Behavior and Human Decision Processes, Elsevier, vol. 98(2), pages 179-194, November.
    9. Shani, Yaniv & Cepicka, Marie Christine & Shashar, Nadav, 2011. "Keeping up with the Joneses: Dolphins' search knowledge for knowledge's sake," Journal of Economic Psychology, Elsevier, vol. 32(3), pages 418-424, June.
    10. van Dijk, Eric & Zeelenberg, Marcel, 2005. "On the psychology of `if only': Regret and the comparison between factual and counterfactual outcomes," Organizational Behavior and Human Decision Processes, Elsevier, vol. 97(2), pages 152-160, July.
    11. Ku, Gillian, 2008. "Learning to de-escalate: The effects of regret in escalation of commitment," Organizational Behavior and Human Decision Processes, Elsevier, vol. 105(2), pages 221-232, March.
    12. Arkes, Hal R. & Kung, Yi-Han & Hutzel, Laura, 2002. "Regret, Valuation, and Inaction Inertia," Organizational Behavior and Human Decision Processes, Elsevier, vol. 87(2), pages 371-385, March.
    13. van Putten, Marijke & Zeelenberg, Marcel & van Dijk, Eric, 2013. "How consumers deal with missed discounts: Transaction decoupling, action orientation and inaction inertia," Journal of Economic Psychology, Elsevier, vol. 38(C), pages 104-110.
    14. Nathan N. Cheek & Jacob Goebel, 2020. "What does it mean to maximize? “Decision difficulty,†indecisiveness, and the jingle-jangle fallacies in the measurement of maximizing," Judgment and Decision Making, Society for Judgment and Decision Making, vol. 15(1), pages 7-24, January.
    15. Vaida Kaduskeviciute & Sigitas Urbonavicius, 2019. "Webrooming: A Way of Dealing with Uncertainties in Purchasing," Tržište/Market, Faculty of Economics and Business, University of Zagreb, vol. 31(2), pages 139-152.
    16. Camille Magron & Maxime Merli, 2012. "Stocks repurchase and sophistication of individual investors," Working Papers of LaRGE Research Center 2012-02, Laboratoire de Recherche en Gestion et Economie (LaRGE), Université de Strasbourg.
    17. Arianna Degan & Antonio Merlo, 2011. "A Structural Model Of Turnout And Voting In Multiple Elections," Journal of the European Economic Association, European Economic Association, vol. 9(2), pages 209-245, April.
    18. repec:cup:judgdm:v:11:y:2016:i:2:p:126-146 is not listed on IDEAS
    19. Ana Alina Tudoran, 2022. "A machine learning approach to identifying decision-making styles for managing customer relationships," Electronic Markets, Springer;IIM University of St. Gallen, vol. 32(1), pages 351-374, March.
    20. Daniel Sheehan & Ryan Hamilton & Ramnath K Chellappa, 2022. "When Is HILO Low? Price Image Formation Based on Frequency versus Depth Pricing Strategies [The Influence of Prior Beliefs, Frequency Cues, and Magnitude Cues on Consumers’ Perceptions of Comparati," Journal of Consumer Research, Journal of Consumer Research Inc., vol. 49(4), pages 543-560.
    21. Muthaffar, Aisha & Vilches-Montero, Sonia, 2023. "Empowering retailers: A bounded rationality perspective to enhancing omnichannel journey satisfaction," Journal of Retailing and Consumer Services, Elsevier, vol. 75(C).

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:eee:jobhdp:v:126:y:2015:i:c:p:107-114. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Catherine Liu (email available below). General contact details of provider: http://www.elsevier.com/locate/obhdp .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.