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Improving Decision Making Through Mindfulness, Natalie Karelaia, Jochen Reb
Improving Decision Making Through Mindfulness, Natalie Karelaia, Jochen Reb
Research Collection Lee Kong Chian School Of Business
With perhaps a few exceptions per day, we are seldom fully aware of our thoughts, actions, emotions, and what is happening around us. Even when it comes to making decisions, an activity that is often quite conscious, deliberate, and intentional, people are typically not as aware as they could be. We argue that as a result, decision quality may suffer. Consequently, mindfulness, most often defined as the state of being openly attentive to and aware of what is taking place in the present, both internally and externally (e.g., Brown and Ryan 2003; Kabat-Zinn 1982; 1990), can help people make better …
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 …
The Effects Of Action, Normality, And Decision Carefulness On Anticipated Regret: Evidence For A Broad Mediating Role Of Decision Justifiability, Jochen Reb, Terry Connolly
The Effects Of Action, Normality, And Decision Carefulness On Anticipated Regret: Evidence For A Broad Mediating Role Of Decision Justifiability, Jochen Reb, Terry Connolly
Research Collection Lee Kong Chian School Of Business
In three studies we examined the effects of action/inaction, social normality (i.e., how typical the decision is in one’s social environment) and decision process carefulness on anticipated regret. Whereas past research has drawn on norm theory (Kahneman & Miller, 1986) to emphasize the role of mutability in (anticipated) regret, the present studies highlight the important role of perceptions of decision justifiability (Connolly & Zeelenberg, 2002). Study 1 replicated earlier findings showing greater anticipated regret when behavior was abnormal, but perceived justifiability mediated the effect. Study 2 showed that anticipated regret was higher for careless than for careful decisions; perceived decision …