Inaction inertia,regret, and valuation: A closer look |
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| Institution: | 1. Retail Supply Chain Institute at Babson College, USA;2. Babson College, USA;3. Consumer Marketing, Saïd Business School, Oxford University, Oxford Institute of Retail Management (OXIRM), UK;4. Marketing, Babson College, USA;5. Marketing, Syms School of Business, Yeshiva University, USA;6. Lancaster University Management School, Lancaster University, UK;7. Maastricht University, Netherlands;8. Department of Marketing, Maastricht University, Netherlands;1. Ivey Business School, Western University, Canada;2. Ted Rogers School of Retail Management, Ryerson University, Canada;3. Carson College of Business, Washington State University, USA;1. Department of Work and Organisation Studies, KU Leuven, Faculty of Economics and Business, Naamsestraat 69, 3000 Leuven, Belgium;2. Vlerick Business School, Vlamingenstraat 83, 3000 Leuven, Belgium |
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| Abstract: | Inaction inertia is the phenomenon that one is not likely to act on an attractive opportunity after having bypassed an even more attractive opportunity. So far, all published work has assumed a causal role for the emotion regret in this effect. In a series of 5 experiments we found no support for this regret explanation. In these experiments factors that influenced regret did not influence inaction inertia, and factors that influenced inaction inertia did not influence regret. In addition, in two experiments we found evidence that missing the initial opportunity leads to a devaluation of the later offer. We propose that, in some cases, regret may be a by-product of this devaluation, rather than a cause of inaction inertia. |
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