Value seeking and prediction-decision inconsistency: why don't people take what they predict they'll like the most?
In this research, it is proposed that, when making a choice between consumption goods, people do not just think about which option will deliver the highest consumption utility but also think about which choice is most consistent with rationales--beliefs about how they should make decisions. The present article examines a specific rationale, value seeking. The value-seeking rationale refers to the belief that one should choose the option in a choice set that has the highest monetary value. Studies 1 and 2 show that value seeking could lead to a prediction-decision inconsistency, predicting a high consumption utility from one option but choosing another option. Study 3 shows that the prediction-decision inconsistency could be created even by "illusory" (as opposed to truly monetary) values and that the inconsistency could be turned on or off through empirical manipulation.
Hsee
C K
CK
Graduate School of Business, University of Chicago, IL 60637, USA. christopher.hsee@gsb.uchicago.edu
D000328:Adult; D002755:Choice Behavior; D003657:Decision Making; D003662:Decision Theory; D005260:Female; D006801:Humans; D007389:Internal-External Control; D008297:Male; D009042:Motivation