Lay rationalism and inconsistency between predicted experience and decision

Abstract Decision‐makers are sometimes depicted as impulsive and overly influenced by ‘hot’, affective factors. The present research suggests that decision‐makers may be too ‘cold’ and overly focus on rationalistic attributes, such as economic values, quantitative specifications, and functions. In support of this proposition, we find a systematic inconsistency between predicted experience and decision. That is, people are more likely to favor a rationalistically‐superior option when they make a decision than when they predict experience. We discuss how this work contributes to research on predicted and decision utilities; we also discuss when decision‐makers overweight hot factors and when they overweight cold factors. Copyright © 2003 John Wiley & Sons, Ltd.