Rational brain · Judgment & Decision Science
Minimax Regret Strategy
Choosing the option whose worst-case regret is smallest; a legitimate rule under deep uncertainty, and a lever when a persuader inflates the regret you would feel from saying no.
An everyday example
Buying the extended warranty not because it is worth it but because you would 'kick yourself' if the device failed.
What it can cost you
Decisions driven by anticipated regret that someone dramatised.
Warning signs
- I am buying to avoid a feeling.
- The regret was described by the seller.
One thing to do
Estimate the regret honestly: how bad, how likely, how long would it last? Most anticipated regrets are brief.
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