It is suggested that consumers' choices between alternatives can be systematically influenced by asking them to an anticipate the regret and responsibility they would feel if they made the wrong decision. Specifically, on the basis of the notion that choices of conventional or default options are associated with lower regret and responsibility, it is proposed that consumers who anticipate how they would feel if they made the wrong decision would be more likely to purchase a currently available item on sale rather than wait for a better sale and more likely to prefer a higher-priced, well-known brand over a less expensive, lesser-known brand. These propositions were supported in three studies. The findings also suggest that an error caused by selection of a lesser-known, lower-priced brand is associated with greater responsibility but less regret than an error caused by a choice of a well-known, higher-priced brand. Copyright 1992 by the University of Chicago.
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Daniel Krähmer & Rebecca Stone, 2005.
"Regret in Dynamic Decision Problems,"
Discussion Papers
71, SFB/TR 15 Governance and the Efficiency of Economic Systems, Free University of Berlin, Humboldt University of Berlin, University of Bonn, University of Mannheim, University of Munich.
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