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Effects of experienced regret on risky decision making are dependent on risky degree
Author(s) -
Lin Huiyan,
Liang Jiafeng,
Yang Junkai,
Wu Fei
Publication year - 2021
Publication title -
scandinavian journal of psychology
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.743
H-Index - 72
eISSN - 1467-9450
pISSN - 0036-5564
DOI - 10.1111/sjop.12712
Subject(s) - regret , psychology , degree (music) , social psychology , control (management) , risk seeking , actuarial science , economics , statistics , mathematics , physics , management , acoustics
We investigated whether experienced regret influences risky decision making in future dissimilar situations and whether this effect is affected by risky degree. Therefore, participants ( N = 39 and 54 in Experiment 1 and 2, respectively) were asked to select one of the two options. In the experienced regret condition, the selected option was worse than the unselected option; in the control condition, the information about the unselected option was unknown to the participants. Subsequently, participants were required to either keep the selected option or to gamble. Additionally, Experiment 2 varied in risky degree of the gamble from low to high. Results showed that experienced regret enhanced possibilities of gamble under low risk (Experiment 1 and 2). Under high risk, however, the effect of experienced regret was reversed (Experiment 2). The findings might suggest that experienced regret affects risky decision making in future dissimilar situations dependently on risky degree.