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Regret-Based Decision-Making Style Acts as a Dispositional Factor in Risky Choices
Marco Lauriola1, Angelo Panno2, Joshua A Weller3
1Department of Social and Developmental Psychology, Sapienza University of Rome, Roma, Italy.
Anticipating regret influences decision-making, leading to less risk-taking. Individual differences in regret-based decision-making (RDS) are stable and predict cautious behavior in real-world scenarios.
Area of Science:
- Psychology
- Cognitive Science
- Behavioral Economics
Background:
- Anticipation of regret is theorized to promote risk aversion.
- Individual differences in decision-making styles warrant investigation for their stability and predictive validity.
Purpose of the Study:
- To examine if individual differences in regret-based decision-making (RDS) represent a unitary cognitive style.
- To assess the temporal stability of RDS.
- To determine if RDS predicts future risk-taking behavior.
Main Methods:
- Study 1: Psychometric evaluation of the RDS scale with 332 participants.
- Study 2: Longitudinal assessment (1-month interval) of RDS, anxiety, depression, and risk-taking behavior (Balloon Analogue Risk Task - BART) in 119 participants.
Main Results:
- The RDS scale demonstrated a robust unidimensional factorial structure.
- RDS scores exhibited significant stability over a one-month period.
- Higher RDS scores were significantly correlated with reduced risk-taking behavior on the BART, independent of other measured variables.
Conclusions:
- Individual differences in regret-based decision-making are a stable cognitive style.
- Regret-based decision-making significantly predicts a more risk-averse approach to real-world behaviors.
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