Abstract
Many real‐life decisions (e.g. promises, plans and agreements) involve a time interval between when the decision is made and the main outcome is revealed. Nearly all regret studies focus on anticipated or experienced post‐outcome regret. We argue that regret is also frequently experienced in the pre‐outcome period, and that this ‘pre‐outcome regret’ has other sources than regret experienced after the outcome is known. Regret experienced in the pre‐outcome period has an important function post‐outcome regret (usually) cannot have, namely to motivate the decision maker to reconsider the ongoing decision process and reverse the initial decision. Pre‐outcome regret should for these reasons be distinguished from post‐outcome regret, and studied separately. In two scenario studies, participants were asked to imagine their regret after agreeing to perform an inconvenient task. In both, more regret was reported before than after the event, even when they had imagined a ‘worst case’ outcome. In the third study, participants described a difficult choice from their own life. Again, regret was perceived as higher in the pre‐outcome period than afterwards. In a fourth study, participants reported regret ‘online’ during an economic game (a version of the ultimatum game). They regretted their decisions more before than after they knew the outcome. We conclude that experienced pre‐outcome regret is often stronger than post‐outcome regret, and typically increases during the pre‐outcome period. We suspect that the absence of JDM studies of pre‐outcome regret is a legacy of the dominant gambling metaphor within decision research. Copyright © 2010 John Wiley & Sons, Ltd.