Abstract
Regret is an aversive emotion experienced upon the discovery that, had a different choice been made, a higher level of utility would have obtained than actually did. Because regret can be anticipated prior to choice it can lead to regret-minimising decisions. It has been shown that the experience of post-decisional regret is generally dependent on discovering the outcome of foregone acts as well as chosen acts. The most popular version of regret theory does not include an explicit account of the impact of foregone act resolution on anticipated regret-aversion as a decision motive. This restricts its domain of applicability. This paper modifies regret theory to accommodate the impact of outcome feedback on anticipated regret-aversion. The theoretical and empirical implications of this new version of regret theory are discussed.
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