When your heart isn't smart: How different types of regret change decisions and profits

International Journal of Conflict Management

Volumn 20, Issue 4, 2009, Pages 315-339

  Crotty, Susan K ^a   Thompson, Leigh ^b  

^a PURDUE UNIVERSITY   (United States)

^b NORTHWESTERN UNIVERSITY   (United States)

Author keywords

Decision making; Individual psychology; Profit

Indexed keywords

EID: 72049117961     PISSN: 10444068     EISSN: None     Source Type: Journal    
DOI: 10.1108/10444060910991048     Document Type: Article

References (50)

1. Adams, S. (1965), “Inequity in social exchange”, in Berkowitz, L. (Ed.), Advances in Experimental Social Psychology, Vol. 2, Academic Press, New York, NY.
2. Baron, J. and Ritov, I. (1994), “Reference points and omission bias”, Organizational Behavior and Human Decision Processes, Vol. 59, pp. 475-98.
3. Bazerman, M.H., Curhan, J.R., Moore, D.A. and Valley, K.L. (2000), “Negotiation”, Annual Review of Psychology, Vol. 51, pp. 279-314.
4. Bonabeau, E. (2003), “Don't trust your gut”, Harvard Business Review, Vol. 81 No. 5, pp. 116-23.
5. Carver, C.S. and Scheier, M.F. (1981), Attention and Self-Regulation: A Control-Theory Approach to Human Behavior, Springer-Verlag, New York, NY.
6. Clancy, K.J. and Krieg, P.C. (2008), “Management myth #1”, Leadership Excellence, Vol. 25, p. 12.
7. Connolly, T. and Reb, J. (2003), “Omission bias in vaccination decisions: where's the omission? Where's the bias?”, Organizational Behavior and Human Decision Processes, Vol. 81, pp. 186-202.
8. Connolly, T. and Zeelenberg, M. (2002), “Regret in decision making”, Current Directions in Psychological Science, Vol. 11, pp. 212-20.
9. Connolly, T., Ordonez, L.D. and Coughlan, R. (1997), “Regret and responsibility in the evaluation of decision outcomes”, Organizational Behavior and Human Decision Processes, Vol. 70, pp. 73-85.
10. Curhan, J.R., Elfenbein, H.A. and Xu, H. (2006), “What do people value when they negotiate? Mapping the domain of subjective value in negotiation”, Journal of Personality and Social Psychology, Vol. 91, pp. 493-512.
11. Diekmann, K.A., Tenbrunsel, A.E. and Galinsky, A.D. (2003), “From self-prediction to self-defeat: behavioral forecasting, self-fulfilling prophecies, and the effect of competitive expectations”, Journal of Personality and Social Psychology, Vol. 85, pp. 672-83.
12. Dispute Resolution Research Center (2008), Negotiation, Teamwork, and Decision-Making Exercises, Evanston, IL.
13. Donahue, W.A. and Taylor, P.J. (2007), “Role effects in negotiation: the one-down phenomenon”, Negotiation Journal, July, pp. 307-31.
14. Flora, C. (2007), “Annie Duke on gut instincts”, Psychology Today, May/June.
15. Gilovich, T. and Medvec, V.H. (1994), “The temporal pattern to the experience of regret”, Journal of Personality and Social Psychology, Vol. 67, pp. 357-65.
16. Gilovich, T. and Medvec, V.H. (1995), “The experience of regret: what, when, and why”, Psychological Review, Vol. 102, pp. 379-95.
17. Gilovich, T., Medvec, V.H. and Chen, S. (1995), “Omission, commission, and dissonance reduction: overcoming regret in the Monty Hall problem”, Personality and Social Psychology Bulletin, Vol. 16, pp. 284-95.
18. Gleicher, F., Kost, K.A., Baker, S.M., Stratham, A.J., Richman, S.A. and Sherman, S.J. (1990), “The role of counterfactual thinking in judgments of affect”, Personality and Social Psychology Bulletin, Vol. 16, pp. 284-95.
19. Guth, W. and Tietz, R. (1990), “Ultimatum bargaining behavior: a survey and comparison of experimental results”, Journal of Economic Psychology, Vol. 11, pp. 417-49.
20. Guth, W., Schmittberger, R. and Schwarze, B. (1982), “An experimental analysis of ultimatum bargaining”, Journal of Economic Behavior and Organization, Vol. 3, pp. 367-88.
21. Handgraff, M.J., Van Dijk, E. and De Cremer, D. (2003), “Social utility in ultimatum bargaining”, Social Justice Research, Vol. 16 No. 3, pp. 263-83.
22. Hofstadter, D. (1985), Metamagical Themas: Questing for the Essence of Mind and Pattern, Basic Books, New York, NY.
23. Inman, J.J. and Zeelenberg, M. (2002), “Regret in repeat versus switch decisions: the attenuating role of decision responsibility”, Journal of Consumer Research, Vol. 29, pp. 116-28.
24. Jackson, K.M. and Trochim, W.M. (2002), “Concept mapping as an alternative approach for the analysis of open-ended survey responses”, Organizational Research Methods, Vol. 5 No. 4, pp. 307-36.
25. Kahneman, D. and Tversky, A. (1982), “The psychology of preferences”, Scientific American, Vol. 246, pp. 160-73.
26. Kray, L.J., Thompson, L. and Galinsky, A. (2001), “Battle of the sexes: gender stereotype confirmation and reactance in negotiations”, Journal of Personality and Social Psychology, Vol. 80 No. 6, pp. 942-58.
27. Landman, J. (1987), “Regret and elation following action and inaction: affective reactions to positive versus negative outcomes”, Personality and Social Psychology Bulletin, Vol. 13, pp. 524-36.
28. Li, S. and Long, Z. (2007), “Action/inaction and regret: the moderating effect of closeness”, Journal of Applied Social Psychology, Vol. 37 No. 4, pp. 807-21.
29. Loewenstein, G., Thompson, L. and Bazerman, M. (1989), “Social utility and decision making in interpersonal contexts”, Journal of Personality and Social Psychology, Vol. 57, pp. 426-41.
30. McGinn, K. (2006), “Relationships and negotiation in context”, in Thompson, L. (Ed.), Negotiation Theory and Research, Psychology Press, New York, NY.
31. N'gbala, A. and Brandscombe, N.R. (1997), “When does action elicit more regret than inaction and is counterfactual thinking the mediator of this effect?”, Journal of Experimental Social Psychology, Vol. 33, pp. 324-43.
32. Ordonez, L.D. and Connolly, T. (2000), “Regret and responsibility: a reply to Zeelenberg et al. (1998)”, Organizational Behavior and Human Decision Processes, Vol. 81, pp. 132-42.
33. Pillutla, M.M. and Murnighan, J.K. (1996), “Unfairness, anger, and spite: emotional rejections of ultimatum offers”, Organizational Behavior and Human Decision Processes, Vol. 68 No. 3, pp. 208-24.
34. Reb, J. (2008), “Regret aversion and decision process quality: effects of regret salience on decision process carefulness”, Journal of Organizational Behavior and Human Decision Processes, Vol. 105, pp. 169-82.
35. Richard, R., van der Pligt, J. and de Vries, N.K. (1996), “Anticipated regret and time perspective: changing sexual risk-taking behavior”, Journal of Behavioral Decision Making, Vol. 9, pp. 185-99.
36. Ritov, I. and Baron, J. (1995), “Outcome knowledge, regret and omission bias”, Organizational Behavior and Human Decision Processes, Vol. 64, pp. 119-27.
37. Seta, J.J., McElroy, T. and Seta, C.E. (2001), “To do or not to do: desirability and consistency mediate judgments of regret”, Journal of Personality and Social Psychology, Vol. 80, pp. 861-70.
38. Simonson, I. (1992), “The influence of anticipating regret and responsibility on purchase decisions”, Journal of Consumer Research, Vol. 19, pp. 105-18.
39. Sondak, H., Neale, M.A. and Pinkley, R.L. (1999), “Relationship, input, and resource constraints: determinants of distributive justice in individual preferences and negotiated agreements”, Group Decision and Negotiation, Vol. 8, pp. 489-510.
40. Straub, P. and Murnighan, J.K. (1995), “An experimental investigation of ultimatums complete information, fairness, expectations, and lowest acceptable offers”, Journal of Economic Behavior and Organization, Vol. 27, pp. 345-64.
41. Thompson, L. (2009), The Mind and Heart of the Negotiator, 4th ed., Prentice Hall, Upper Saddle River, NJ.
42. Valley, K., Neale, M.A. and Mannix, E.A. (1995), “Friends, lovers, colleagues, strangers: the effects of relationships on the process and outcome of dyadic negotiations”, in Bies, R.J., Lewicki, R. and Sheppard, B. (Eds), Research in Negotiation in Organizations, JAI Press, Greenwich, CT.
43. Walster, E., Berscheid, E. and Walster, G.W. (1973), “New directions in equity research”, Journal of Personality and Social Psychology, Vol. 25, pp. 151-76.
44. Walster, E., Walster, G.W. and Berscheid, E. (1978), Equity: Theory and Research, Allyn & Bacon, Boston, MA.
45. Wroe, A.L., Turner, N. and Salkovskis, P.M. (2004), “Understanding and predicting parental decisions about early childhood immunizations”, Health Psychology, Vol. 23, pp. 33-41.
46. Zeelenberg, M. (1999), “Anticipated regret, expected feedback, and behavioral decision-making”, Journal of Behavioral Decision Making, Vol. 12, pp. 93-106.
47. Zeelenberg, M., Van der Pligt, J. and Manstead, A.S.R. (1998), “Undoing regret on Dutch television: apologizing for interpersonal regrets involving actions or inactions”, Personality and Social Psychology Bulletin, Vol. 24, pp. 1114-20.
48. Zeelenberg, M., Van der Pligt, J. and Manstead, A.S.R. (2000), “Regret and responsibility resolved? Evaluating Ordonez and Connolly's (2000) conclusions”, Organizational Behavior and Human Decision Processes, Vol. 81, pp. 143-54.
49. Zeelenberg, M., Van den Bos, K., Van Dijk, E. and Pieters, R. (2002), “The inaction effect in the psychology of regret”, Journal of Personality and Social Psychology, Vol. 82, pp. 314-27.
50. Kelley, H.H. (1979), Personal Relationships: Their Structures and Processes, Lawrence Erlbaum Associates, Hillsdale, NJ.