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Myopic Regret Avoidance : Feedback Avoidance And Learning In Repeated Decision Making, Jochen Matthias Reb, Terry Connolly
Myopic Regret Avoidance : Feedback Avoidance And Learning In Repeated Decision Making, Jochen Matthias Reb, Terry Connolly
Jochen Reb
Decision makers can become trapped by myopic regret avoidance in which rejecting feedback to avoid short-term outcome regret (regret associated with counterfactual outcome comparisons) leads to reduced learning and greater long-term regret over continuing poor decisions. In a series of laboratory experiments involving repeated choices among uncertain monetary prospects, participants primed with outcome regret tended to decline feedback, learned the task slowly or not at all, and performed poorly. This pattern was reversed when decision makers were primed with self-blame regret (regret over an unjustified decision). Further, in a final experiment in which task learning was unnecessary, feedback was more …
Myopic Regret Avoidance: Feedback Avoidance And Learning In Repeated Decision Making, Jochen Reb, Terry Connolly
Myopic Regret Avoidance: Feedback Avoidance And Learning In Repeated Decision Making, Jochen Reb, Terry Connolly
Research Collection Lee Kong Chian School Of Business
Decision makers can become trapped by myopic regret avoidance in which rejecting feedback to avoid short-term outcome regret (regret associated with counterfactual outcome comparisons) leads to reduced learning and greater long-term regret over continuing poor decisions. In a series of laboratory experiments involving repeated choices among uncertain monetary prospects, participants primed with outcome regret tended to decline feedback, learned the task slowly or not at all, and performed poorly. This pattern was reversed when decision makers were primed with self-blame regret (regret over an unjustified decision). Further, in a final experiment in which task learning was unnecessary, feedback was more …