An Attempt to Improve Decision Confidence in Regret-Based Decision-Makers
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Date
2014-05
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The Ohio State University
Abstract
For some individuals, daily decisions are a struggle because they worry about the regret they will feel if they make a poor choice. This regret-based decision style is associated with lower decision confidence, lower general self-efficacy and lower optimism, and greater decisional self-doubt. This study sought to improve these individuals’ decision confidence by selecting those with a slight tendency toward either an analytical or an intuitive decision-style and reinforcing this existing tendency. This intervention was predicted to increase their confidence because endorsing either style correlates positively with self-efficacy and optimism, and negatively with decisional self-doubt. Fifty-eight regret-based individuals with slight analytical or intuitive tendencies, or both (“flexible” decision-makers) were selected using The Decision-Making Styles Inventory. Individuals from each of the 3 decision-style groups were randomly assigned to manipulation or control conditions. Subjects completed General Self-Efficacy and Optimism measures. Then the 3 manipulation groups were informed of their decision-making tendencies, and the benefits of their particular styles, while control groups were simply told that people use various decision styles. Next subjects responded to decision scenarios, rating decision confidence and difficulty for each, and then completed the self-efficacy and optimism measures again. The only statistically significant result was that the manipulation group had lower decision confidence. Overall, the manipulation did not produce the predicted results. If the results had been as predicted, this intervention would have provided support for a relatively simple way to increase decision confidence in those who worry about experiencing decisional regret.
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Keywords
decision making, psychology, regret-based, analytical, intuitive