Infrequent Walks down Memory Lane: People Overestimate How Much They Will Retrospect about Experiences

Abstract

People value experiences in part because of the memories they create. Yet, we find that people systematically overestimate how much they will retrospect about their experiences. This overestimation is driven by (a) a desire to retrospect about experiences and (b) an erroneous belief that this desire will necessarily lead to actual retrospection. We find that desirability is a significantly weaker predictor of actual retrospection than it is of predicted retrospection, resulting in more overestimation when the desirability of retrospection is greater. Importantly, people do not lose interest in retrospecting over time, but, instead, simply forget to remember. Furthermore, this overestimation of retrospection has consequences, as the degree of overestimation reliably predicts declining satisfaction with the experience over time. However, buying physical reminders (e.g., merchandise) mitigates this reduction in satisfaction by increasing how much people actually retrospect, bringing their realized retrospection more in line with their forecasts (and aspirations).