Situation And The Role Of Feedback In The Decision-making Behavior

Anticipated regret is an important topic in regret theory of decision-making research, previous findings in anticipated regret show that the individual may experience and strengthen regret through manipulating the feedback information in the decision context, at the same time, decision-making behavior of individuals will be influenced to minimize future regrets. However, the relevant study on the relationship between feedback and decision-making behavior are rare, also the situational factors in anticipated regret is worthy of our thinking and to explore further. Therefore, it is a key issue to research the influence of situational factors and feedback to understand the decision-making behavior and the decision theory model.In this study we used the paper-pencil test, designed three different context of financial decision-making tasks, combined with the manipulation of feedback. Through analysis the relationship between different situations, feedback, anticipated regret and behavior, we want to verify the adaptability of the regret theory at home; and under different contexts, the performance and the relationship between risk aversion and regret aversion. Moreover, we try to explain the situational factors in regret and decision-making area, and sums up patterns of decision-making behavior in the financial decision-making field in stage.Experiment 1 used the decision-making context of an abstract task, 3×2 mixed experimental design. Through the manipulation of feedback, we found that the conclusions on risk attitude are basically consistent with the domestic, the Chinese subjects in the field of financial decision-making performance a strong spirit of adventure; feedback-poor conditions did not cause the majority of subjects made decision to minimize the regret.Experiment 2 used the financial investment task version, the same experimental design. Further evidence shows risk-seeking behavior between low-risk and sure. In addition, we found that feedback-rich conditions although did not affect the decision-making behavior, but change the risk attitude in test, risk attitudes and behavior have shown inconsistent.In experiments 3 we design a lottery gambling context, combined with the manipulation of feedback. 3×2 mixed experimental results show that lottery gambling feedback is successful manipulated in gambling context, the majority of subjects have taken place reverse in the decision-making, proving the existence of regret aversion effect. Finally, comparative analysising each part of results vertically, we found in different situation, the alternative closeness rather than the vividness as an important context factor to affect regret and decision-making behavior. Chinese subjects in the financial area are more likely to combinate "psychological distance" and "more important dimension" hypothesis in decision-making to cognitive, assessment, and choice.