Regret-based decision-making style acts as a dispositional factor in risky choices

Marco Lauriola, Angelo Panno, Joshua A Weller

Research output: Contribution to journalArticleScientificpeer-review

Abstract

People who anticipate the potential regret of one's decisions are believed to act in a more risk-averse manner and, thus, display fewer risk-taking behaviors across many domains. We conducted two studies to investigate whether individual differences in regret-based decision-making (a) reflect a unitary cognitive-style dimension, (b) are stable over time, and (c) predict later risk-taking behavior. In Study 1, 332 participants completed a regret-based decision-making style scale (RDS) to evaluate its psychometric qualities. In Study 2, participants ( N = 119) were tested on two separate occasions to assess the association between RDS and risk-taking. At Time 1, participants completed the RDS, as well as trait measures of anxiety and depression. One month later, they completed the Balloon Analogue Risk Task (BART) and state mood (Positive/Negative affect) scales. The RDS had a sound unidimensional factorial structure and was stable over time. Further, higher reported RDS scores were significantly associated with less risk-taking on the BART, holding other variables constant. These studies suggest that individual differences in regret-based decision-making may lead to a more cautious approach to real-world risk behaviors.

Original languageEnglish
Pages (from-to)1-20
JournalPsychological Reports
Volume121
Issue number4
DOIs
Publication statusE-pub ahead of print - 2019

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Individuality
Depression

Keywords

  • ANTICIPATED REGRET
  • AVERSION
  • BEHAVIOR
  • Balloon Analogue Risk Task
  • COGNITION
  • CONSEQUENCES
  • Cognitive style
  • INDIVIDUAL-DIFFERENCES
  • INFORMATION
  • INSTRUMENT
  • INTENTIONS
  • PERSONALITY
  • anxiety
  • decision-making
  • depression
  • individual differences
  • negative affectivity
  • regret
  • risk

Cite this

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abstract = "People who anticipate the potential regret of one's decisions are believed to act in a more risk-averse manner and, thus, display fewer risk-taking behaviors across many domains. We conducted two studies to investigate whether individual differences in regret-based decision-making (a) reflect a unitary cognitive-style dimension, (b) are stable over time, and (c) predict later risk-taking behavior. In Study 1, 332 participants completed a regret-based decision-making style scale (RDS) to evaluate its psychometric qualities. In Study 2, participants ( N = 119) were tested on two separate occasions to assess the association between RDS and risk-taking. At Time 1, participants completed the RDS, as well as trait measures of anxiety and depression. One month later, they completed the Balloon Analogue Risk Task (BART) and state mood (Positive/Negative affect) scales. The RDS had a sound unidimensional factorial structure and was stable over time. Further, higher reported RDS scores were significantly associated with less risk-taking on the BART, holding other variables constant. These studies suggest that individual differences in regret-based decision-making may lead to a more cautious approach to real-world risk behaviors.",
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Regret-based decision-making style acts as a dispositional factor in risky choices. / Lauriola, Marco; Panno, Angelo; Weller, Joshua A.

In: Psychological Reports, Vol. 121, No. 4, 2019, p. 1-20.

Research output: Contribution to journalArticleScientificpeer-review

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