Regulatory focus in economic contexts

Arnd Florack, Johannes Keller and Johanna Palcu

Journal of Economic Psychology, 2013, vol. 38, issue C, 127-137

Abstract: The authors argue that behavior in economic contexts will be better understood when it is taken into account that contexts can evoke self-regulatory strategies reflecting a promotion or prevention focus and that such contexts meet individuals with preferences for a specific kind of self-regulation. They refer to research showing that promotion- and prevention-focused self-regulation has an important impact on judgments, choice, and behavior in economic contexts, and that such effects of regulatory focus are a consequence of behavioral strategies and differences in information processing associated with the self-regulatory orientations of a promotion or prevention focus. Furthermore, the authors emphasize that cognitive feelings are a motivational force that keeps such self-regulatory processes running. In particular, they argue that feeling right and anticipation and experience of regret increase the engagement of individuals in promotion- or prevention-focused self-regulation and direct individuals towards the relevant self-regulatory goals. Finally, the authors provide examples documenting how knowledge about self-regulatory orientations of a promotion and a prevention focus can be applied to understand individuals’ behavior and to develop reasonable intervention strategies addressing relevant behavioral tendencies in the economic context.

Keywords: Regulatory focus; Self-regulation; Consumer behavior; Decision making (search for similar items in EconPapers)
Date: 2013
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Citations: View citations in EconPapers (7)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:joepsy:v:38:y:2013:i:c:p:127-137

DOI: 10.1016/j.joep.2013.06.001

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