Risk and regret in decision making : the role of the future time perspective and goal content

Abstract

The purpose of this research was to elucidate, in a decision making situation, the role of future time perspective and motivational goal content on risk disposition and retrospective regret proneness. To this end, participants classified as having long and short extension of future time perspective (FTP) were exposed to decision making scenarios with intrinsic and extrinsic goals. In these scenarios, in order to achieve a predetermined goal, they had to express their willingness to opt for one of two options of different levels of risk. The results showed that: participants with a long FTP extension were more prone to make a risky decision and, with the knowledge that the chosen option was unsuccessful, exhibited a lower level of (retrospective) regret. These results are consistent with the idea that the instrumental value perception of a present action, a cardinal capacity of the FTP, is a critical factor in decision making. These results were interpreted in light of two important theories in the field of motivation and decision making, respectively, self-determination theory and prospect theory.