When curiosity killed regret: Avoiding or seeking the unknown in decision-making under uncertainty

In two experimental studies we investigated how curiosity and regret aversion affect decision-making under uncertainty. Building on insights derived from information-gap theory [Loewenstein, G. (1994). The psychology of curiosity: a review and reinterpretation. Psychological Bulletin, 116, 75-98], we demonstrate that curiosity may overcome regret aversion. In Experiment 1, we concentrate on the reluctance to opt for alternatives with uncertain outcomes and demonstrate that curiosity about the uncertain outcomes may override regret aversion. In Experiment 2, we focus on reluctance to expose oneself to potential regret-inducing information and demonstrate that curiosity may overcome this reluctance.