When and why do we want to know? How experienced regret promotes post‐decision information search

Abstract The effect of emotional and situational factors on the decision to seek out post‐decision information about un‐chosen alternative was examined in five experiments. Experiment 1 tested participants' willingness to find out the outcome of an un‐chosen investment that was likely to have a higher value than the chosen investment. It was found that participants were more willing to acquire information when they were responsible for the decision. Experiment 2 showed that responsibility affects information seeking, in particular when one suspects that a wrong decision was made. Experiments 3–5 examined the role of regret on information seeking. It was shown that regret about making the wrong investment (Experiment 3), forgetting to send in a lottery ticket (Experiment 4), and missing an opportunity to use a discount card after spending a month in Australia (Experiment 5), mediates the information‐seeking behavior. Experiment 5 also demonstrated that the experience of regret (and not its anticipation) influences post‐decision information seeking even when the information is of no future use. Copyright © 2006 John Wiley & Sons, Ltd.