The Influence of Regret on Risky Choice in Gains and Losses
|Keywords||regret risk preference risky choice information searching strategy gains losses|
Since the regret theory was advanced, regret has been studied widely as one of the most important emotions in decision making. The influence of regret on risky choice in gains and losses has not yet been assessed systematically. Here we report three studies to fill this lacuna.Study1is a questionnaire survey about the correlation between the tendency to regret and risk preference; in study2, anticipated regret is induced by three different means; in study3, how experienced regret influence on risky choice and information searching strategy in gains is examined by a mouselab computer simulation experiment.Our studies have consistent results. People who are easier to regret or feel more regret-whether anticipated or experienced regret-show stronger risk avoidance in gains and tend to seek more risk in losses.In addition, study3suggests that, the stronger subjects experienced regret, the more probability information they focused on. When experienced stronger regret, the subjects tended to retrieve and compare more attribute information between options.