Anticipated regret, expected feedback and behavioral decision making

Zeelenberg, Marcel

doi:10.1002/(sici)1099-0771(199906)12:2<93::aid-bdm311>3.0.co;2-s

Cited by 705 publications

(497 citation statements)

References 43 publications

(33 reference statements)

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“…Typically, this involves subjecting important decisions to extensive reflection before acting to ensure the best option is taken and the optimal outcome is achieved. Anticipated regret thus plays a role in people's decision-making processes (Zeelenberg 1999;Zeelenberg et al 1996). This includes decisionmaking about medical treatment (Speck et al 2016).…”

Section: What Is Regret?mentioning

confidence: 99%

The Role of Regret in Medical Decision-making

McQueen¹

2017

Ethic Theory Moral Prac

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In this paper, I explore the role that regret does and should play in medical decision-making. Specifically, I consider whether the possibility of a patient experiencing post-treatment regret is a good reason for a clinician to counsel against that treatment or to withhold it. Currently, the belief that a patient may experience post-treatment regret is sometimes taken as a sufficiently strong reason to withhold it, even when the patient makes an explicit, informed request. Relatedly, medical researchers and practitioners often understand a patient's post-treatment regret to be a significant problem, one that reveals a mistake or flaw in the decision-making process. Contrary to these views, I argue that the possibility of post-treatment regret is not necessarily a good reason for withholding the treatment. This claim is justified by appealing to respect for patient autonomy. Furthermore, there are occasions when the very reference to post-treatment regret during medical decision-making is inappropriate. This, I suggest, is the case when the decision concerns a Bpersonally transformative treatment^. This is a treatment that alters a person's identity. Because the treatment is transformative, neither clinicians nor the patient him/herself can ascertain whether post-treatment regret will occur. Consequently, I suggest, what matters in determining whether to offer a personally transformative treatment is whether the patient has sufficiently good reasons for wanting the treatment at the time the decision is made. What does not matter is how the patient may subsequently be changed by undergoing the treatment.

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Section: What Is Regret?mentioning

confidence: 99%

The Role of Regret in Medical Decision-making

McQueen¹

2017

Ethic Theory Moral Prac

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“…Thus, this regret requires the consumer to proactively seek the outcome of a forgone alternative -an action that a regret-prone consumer is unlikely to take (Zeelenberg 1999). Third, the recent practice by many retailers to offer price matching guarantees may further dampen the high-price regret.…”

Section: The Consumer's Purchase Decisionmentioning

confidence: 99%

Markdown or Everyday Low Price? The Role of Behavioral Motives

2016

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We study a seller's optimal pricing and inventory strategies when behavioral (non-pecuniary) motives affect consumers' purchase decisions. In particular, the seller chooses between two pricing strategies, markdown or everydaylow-price, and determines the optimal prices and inventory level at the beginning of a two-period selling season. Two salient behavioral motives that impact consumers' purchase decisions and the seller's optimal strategies are anticipated regret and misperception of product availability. Regret arises when a consumer initially chooses to wait but encounters stockout later, or when the consumer buys the product at the high price but realizes that the product is still available at the markdown price. In addition, consumers often perceive the product's future availability to be different than its actual availability. We determine and quantify that both regret and availability misperception have significant operational and profit implications for the seller. For example, ignoring these behavioral factors can result in up to 10% profit losses. We contrast the roles of consumers' strategic (pecuniary) motives with their behavioral (non-pecuniary) motives in affecting purchase, pricing, and inventory decisions. The presence of the behavioral motives reinstates the profitability of markdown over everyday-low-price, in sharp contrast to prior studies of only strategic motives which suggest the contrary. We characterize how and why strategic versus behavioral motives affect decisions in distinctive manners. In doing so, this paper also introduces and determines the behavioral benefits of pricing in leveraging consumers' behavioral regularities. We advocate that tactics which may intensify consumers' misperception of availability, such as intentionally disclosing low inventory levels, can have a far-reaching impact on improving the seller's profit.*

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“…It can be suggested that Helen was anticipating the regret that she would experience if she ended up becoming "one of these … people", and her decision was influenced by this anticipation of future emotion (Zeelenberg, 1999). Helen also appeared to be avoiding an undesired possible self (Markus & Nurius, 1986).…”

Section: Career Decision Making 14mentioning

confidence: 99%

Decision Making in Voluntary Career Change: An Other‐Than‐Rational Perspective

Murtagh

Lopes

Lyons

2011

The Career Development Quart

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The authors present a qualitative study of voluntary career change, which highlighted the importance of positive emotions, unplanned action, and building certainty and perceiving continuity in the realization of change. Interpretative phenomenological analysis was used to broaden theoretical understanding of real-life career decision making. The accounts of 8 women who had changed careers were explored, and the analysis supported other-than-rational perspectives of career decision making. An action-affect-cognition framework of decision making is proposed. The framework adds the role of emotion and the importance of self-regulation to existing theory of career decision making. Implications for career counseling are discussed

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Anticipated regret, expected feedback and behavioral decision making

Cited by 705 publications

References 43 publications

The Role of Regret in Medical Decision-making

The Role of Regret in Medical Decision-making

Markdown or Everyday Low Price? The Role of Behavioral Motives

Decision Making in Voluntary Career Change: An Other‐Than‐Rational Perspective

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