Differences between maximizers and satisficers in regret and counterfactual thinking during repeated versus switching decisions

Abstract

Recent research has demonstrated that with a positive prior experience, an actor who decides to switch decisions should feel more regret than one who decides to repeat (the status quo effect). Conversely, with a negative prior experience, the switcher should feel less regret than the repeater (reversal of the status quo). We tested the influence of a maximizing tendency on the strength of these two effects, measured using the Japanese version of the Regret and Maximization Scale. In the positive prior experience scenario, the maximizer group scored higher on presumed regret and counterfactual thinking than the satisficer group. In the status quo scenario, the maximizer group scored higher on counterfactual happiness than the satisficer group. Our results indicate that maximizers show a reversal of the status quo effect in some settings.


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