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    The Role of Regret Aversion in Decision Making

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    Author
    Reb, Jochen Matthias
    Issue Date
    2005
    Keywords
    Anticipated Regret
    Choice
    Decision Making
    Decision Process
    Regret Aversion
    Advisor
    Connolly, Terence
    Committee Chair
    Connolly, Terence
    
    Metadata
    Show full item record
    Publisher
    The University of Arizona.
    Rights
    Copyright © is held by the author. Digital access to this material is made possible by the University Libraries, University of Arizona. Further transmission, reproduction or presentation (such as public display or performance) of protected items is prohibited except with permission of the author.
    Abstract
    This dissertation is concerned with the role of regret aversion in decision making. Specifically, it examines how regret aversion influences decision process, choice, and post-decisional behaviors and feelings. Chapter 1 provides an overview of the past empirical findings and theorizing on regret aversion. Chapter 2 examines whether regret aversion leads to a stronger or weaker preference for so-called reason-based choices (cf., Shafir, Simonson, & Tversky, 1993), or options that are more easily justifiable. Specifically, four experiments test whether four well-known reason-based choice effects are amplified or attenuated when regret is made salient. These effects are the asymmetric dominance effect, the compromise effect, the select/reject effect, and the most important attribute effect. Chapter 3 reports on five experiments that examine whether regret aversion leads decision makers to engage in more careful decision processing as suggested by Janis and Mann (1977). It extends the study of regret aversion from choice behavior to decision processing. Chapter 4 studies the effects of regret aversion in repeated decisions. Specifically, it examines experimentally how decision makers handle the trade off between seeking feedback on foregone options that may facilitate learning and better decision making in future decisions, and avoiding feedback on foregone options as such feedback may cause feelings of regret. Chapter 5 summarizes the contributions of this dissertation and concludes.
    Type
    text
    Electronic Dissertation
    Degree Name
    PhD
    Degree Level
    doctoral
    Degree Program
    Management
    Graduate College
    Degree Grantor
    University of Arizona
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