Effects of experienced regret on risky decision making are dependent on risky degree.

ABSTRACT

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.