The effects of option generation on post-decisional regret in everyday life decision-making: A field experiment

Andreas Mojzisch, Jan Alexander Häusser and Johannes Leder

Journal of Economic Psychology, 2020, vol. 81, issue C

Abstract: While previous studies on post-decisional regret have exclusively focused on externally provided options, the present study is the first to examine post-decisional regret in situations with self-generated options. Applying a metacognitive perspective, we predicted that a large option set-size leads to less post-decisional regret than a small option set-size. This hypothesis is in contrast to the classic choice overload effect which has been reported for externally provided options. Furthermore, we hypothesized that explicitly generating options results in less post-decisional regret than not doing so. We used a field experimental design to test our two hypotheses. On a Sunday morning, participants were asked to generate either three or six options for what they could do during the afternoon and to select one of these options. In a control condition, participants were not instructed to generate options. On Sunday evening, participants indicated how much they regretted not having done something else. Our results provide support for both hypotheses.

Keywords: Post-decisional regret; Option generation; Everyday life decision-making; Metacognition (search for similar items in EconPapers)
Date: 2020
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Persistent link: https://EconPapers.repec.org/RePEc:eee:joepsy:v:81:y:2020:i:c:s0167487020300878

DOI: 10.1016/j.joep.2020.102326

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