Beyond the road not taken: Experienced regret-induced risk seeking in maximizers

Abstract

Given the complexity of the environment and the constraints on cognitive resources, missed opportunities frequently arise in risky decision-making. However, the relationship between regret feelings for missed opportunities and subsequent risky decision-making among maximizers, as well as the influence of time pressure on this dynamic, remains unclear. Based on 580 participants, we conducted a cross-sectional survey and two EEG experiments to investigate these issues. The results revealed a positive correlation between maximization and risk-taking tendency (Study 1). Compared to satisficers, maximizers showed stronger regret feelings and increased the late positive potential (LPP) amplitudes in response to missed opportunities, and were more inclined to engage in risky decisions. Moreover, maximizers' regret feelings about missed opportunities facilitated their risky decision-making by amplifying LPP amplitudes (Study 2). Compared to the low-time-pressure condition, maximizers exhibited diminished regret feelings and reduced LPP amplitudes in response to missed opportunities, and less risky decision-making behavior under the high-time-pressure condition. Additionally, time pressure attenuated the association between regret feelings for missed opportunities and risky decision-making (Study 3). Overall, this study highlights that maximizers' regret feelings about missed opportunities drive them to take risky decision-making, and time pressure can reduce the degree to which this occurs.

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