Missing the best opportunity; who can seize the next one? Agents show less inaction inertia than personal decision makers

Abstract

Inaction inertia is a prevalent consumer decision bias, whereby missing a superior opportunity decreases the likelihood of acting on a subsequent opportunity in the same domain. We assume that a cognitive focus accounts for the inaction inertia effect. Individuals focus more on losses (the association between the current opportunity and missed opportunity) than gains (the association between the current opportunity and original states), therefore showing the inaction inertia effect. We also propose a self–other difference in inaction inertia: agents exhibit less inaction inertia than personal decision makers as they focus more on gains than losses compared to personal decision makers. In Study 1, agents were less trapped in inaction inertia than personal decision makers. Cognitive focus was measured with eye-tracking techniques in Study 2 and a self-reported item in Study 3. Agents were observed as focusing less on losses than gains compared to personal decision makers. This cognitive focus difference explained the self–other difference in inaction inertia. In Study 4, both types of decision makers were less susceptible to inaction inertia when focusing on gains than losses.