The price of gaining: maximization in decision-making, regret and life satisfaction

Abstract

Maximizers attempt to find the best solution in decision-making, while satisficers feel comfortable with a good enough solution. Recent results pointed out some critical aspects of this decision-making approach and some concerns about its measurement and dimensional structure. In addition to the analysis of these aspects, we tested the possible mediational role of regret in this psychological process. The Maximization Inventory (MI; satisficing, decision difficulty, and alternative search), regret, and Satisfaction with Life Scale (SWLS) were translated and adapted to Spanish in order to answer these issues with a Chilean sample. Validity and reliability analysis of the MI reports that only two dimensions of the MI have enough dimensional support (decision difficulty, alternative search). The tested structural model shows good fit of partial mediation effect of regret between decision difficulty and SWLS. At the same time, alternative search has a positive relation with SWLS. These results suggest that Regret becomes crucial for prescribing behavior to decision makers.