{"id":56731,"date":"2021-12-22T00:13:34","date_gmt":"2021-12-22T04:13:34","guid":{"rendered":"https:\/\/www.shortform.com\/blog\/?p=56731"},"modified":"2021-12-29T13:06:11","modified_gmt":"2021-12-29T17:06:11","slug":"dealing-with-regret","status":"publish","type":"post","link":"https:\/\/www.shortform.com\/blog\/dealing-with-regret\/","title":{"rendered":"Dealing With Regret: What Are the Consequences?"},"content":{"rendered":"\n

What are the major consequences of dealing with regret? In what ways can regret affect our ability to make decisions? <\/p>\n\n\n\n

Other than the obvious consequences of feeling sad when you regret something, regret can have more detrimental effects on your mental health. Two consequences of regret are developing regret aversion and avoiding sunk costs. Additionally, the more options you have to choose from, the worse the regret will feel.<\/p>\n\n\n\n

Keep reading to learn all about regret.<\/p>\n\n\n\n\n\n\n\n

The Consequences of Regret<\/strong><\/h2>\n\n\n\n

In the book The Paradox of Choice, <\/em>author Barry Schwartz notes that, while regret has several distinct causes, what we notice most in our lives are its negative effects. Dealing with regret can carry consequences detrimental to our decision-making<\/a> and emotional health<\/a>.<\/p>\n\n\n\n

Regret Aversion<\/strong><\/h3>\n\n\n\n

Schwartz asserts that one of the major consequences of regret is regret aversion: making choices with the primary goal of avoiding regret<\/a>.<\/strong> <\/p>\n\n\n\n

Regret aversion is related to the concept of risk aversion, an aspect of prospect theory<\/a>. People tend to avoid risk when making choices, even if the upside of the risk is highly positive. Regret aversion is a type of risk aversion. If faced with a choice between two options\u2014a \u201csafe\u201d option we know what to expect from and a risky option with potential upsides\u2014most people would choose the safe option to avoid regret.<\/p>\n\n\n\n

Schwartz points out that regret aversion can also cause people to delay making decisions\u2014called inaction inertia\u2014due to the potential for regret. Meanwhile, they miss out on the more attractive option and are faced with deciding on a less attractive one. Again, they put off a decision, and the cycle continues.<\/p>\n\n\n\n

For example, imagine a new digital camera is on sale for 25% off. You want to buy it, but you\u2019re concerned it\u2019s still too expensive for a product that might not totally satisfy you. You wait too long, and after a week it\u2019s no longer on sale. You still want the camera, but now you can\u2019t justify buying it because you didn\u2019t get it while it was on sale.<\/p>\n\n\n\n

The ultimate consequence of decision avoidance can be regret for failing to make a choice<\/a>. Inaction inertia, therefore, doesn\u2019t prevent regret at all. <\/p>\n\n\n\n

FOMO and Regret Aversion<\/strong>

One example of regret aversion you may have encountered is FOMO\u2014the \u201cfear of missing out,\u201d often triggered by social media posts showing others having a good time. When you experience FOMO, you\u2019ll likely make commitments<\/a> you don\u2019t want to make for fear you\u2019ll miss something memorable. This is a classic case of regret aversion.<\/a> Instead of choosing something you actually want, you\u2019re choosing something to stave off future regret. 

If you struggle with FOMO, it might be helpful to think of what you actually want in the moment, as opposed to what you think you might want in the future. <\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

Avoiding Sunk Costs<\/strong><\/h3>\n\n\n\n

Regret also causes us to avoid \u201csunk costs,\u201d or wasting resources we\u2019ve already committed. Logically, we should base decisions on what\u2019s best for us in the future. However, as explained in Chapter 3, we frequently do things we don\u2019t necessarily want to because we\u2019ve already committed ourselves and want to justify it. For instance, if you buy a movie ticket a week in advance but don\u2019t want to go to the movie when the time comes, you\u2019ll most likely go anyway because you purchased the ticket. <\/p>\n\n\n\n

Schwartz argues that the desire to avoid sunk costs stems from feelings of regret and responsibility. Since we already made a choice or investment, we follow through to avoid regretting the decision (as previously noted, this type of thinking is known as the sunk cost bias<\/a>). But we don\u2019t satisfy ourselves, or even avoid regret, by trying to justify choices we made in the past. <\/p>\n\n\n\n

High-Stakes Sunk Costs<\/strong>

Schwartz discusses the sunk cost<\/a> bias in the context of individual choices, but organizations can also succumb to the sunk cost bias, with significant consequences. 

A high-profile example of a large organization falling victim to the sunk cost bias is Walgreens, which maintained a partnership with the fraudulent blood-testing company Theranos even after suspecting Theranos\u2019s testing equipment didn\u2019t work. 

In Bad Blood: Secrets and Lies in a Silicon Valley Startup<\/em>, John Carreyrou details how Walgreens gave in to sunk costs.<\/a> When Walgreens began to have doubts about Theranos\u2019s technology, it didn\u2019t cut ties, in part because it had already spent a significant amount of money on building clinics and didn\u2019t want to back out of a high-profile commitment.<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

How Expanded Choice Worsens Regret<\/strong><\/h3>\n\n\n\n

Schwartz contends that expanded choice, and the maximizing<\/a> tendency it encourages, amplifies regret.<\/strong><\/p>\n\n\n\n

With expanded choice, virtually every decision we make has many options. Since there are many options, there are many opportunities to make a choice that will cause regret. Expanded choice increases regret by making bad choices<\/a> more likely. <\/p>\n\n\n\n

Schwartz notes that an increase in choices also implies an increase in opportunity costs. Increased opportunity costs means that every decision entails many alternatives to weigh, creating potential anticipatory regret and post-decision regret: You worry that you\u2019ll make the wrong choice<\/a>, and once you\u2019ve chosen, you wish you\u2019d chosen an alternative. <\/p>\n\n\n\n

Regret is a much more potent issue for maximizers when there is expanded choice. Aiming to choose only \u201cthe best\u201d will create regret whenever a chosen option isn\u2019t completely satisfactory, which is almost all of the time. Satisficers, since they are content with \u201cgood enough,\u201d don\u2019t regret their choices as often as maximizers.<\/p>\n\n\n\n

Maximizing and Regret<\/strong>

Studies have shown that regret is one of the key negative impacts of maximizing.<\/a> One study even suggested that quality of life for maximizers is affected only <\/em>when the maximizer feels regret.

Because maximizers don\u2019t have consistent standards, and instead constantly consider what better options there are, they have the potential to regret any decision they make. Thus, maximizers feel regret constantly. This can lessen quality of life, because significant regret can harm mental health, causing anxiety, depression, and dissatisfaction. 

Therefore, learning to be a satisficer has the potential to lessen regret and improve satisfaction with your life. If you\u2019re a maximizer and struggle with decision regret, try taking steps to satisfice<\/a>, like setting standards, making firm decisions, and accepting options that are \u201cgood enough\u201d instead of perfect.<\/td><\/tr><\/tbody><\/table><\/figure>\n","protected":false},"excerpt":{"rendered":"

What are the major consequences of dealing with regret? In what ways can regret affect our ability to make decisions? Other than the obvious consequences of feeling sad when you regret something, regret can have more detrimental effects on your mental health. Two consequences of regret are developing regret aversion and avoiding sunk costs. Additionally, the more options you have to choose from, the worse the regret will feel. Keep reading to learn all about regret.<\/p>\n","protected":false},"author":8,"featured_media":56815,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7,9],"tags":[552],"class_list":["post-56731","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-lifestyle","category-psychology","tag-the-paradox-of-choice","","tg-column-two"],"yoast_head":"\nDealing With Regret: What Are the Consequences? - Shortform Books<\/title>\n<meta name=\"description\" content=\"Dealing with regret can have many negative consequences on your mental health and decision-making abilities. 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