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| Author: | |
| Title: | Thinking about values in prospect and retrospect: Maximising experienced utility |
| Journal: | Marketing Letters
1997 : JUL, VOL. 8:3, p. 323-334 |
| Index terms: | DECISION MAKING UTILITY FUNCTIONS CHOICE THEORY |
| Language: | eng |
| Abstract: | It is impossible for decision-makers to predict at the time of choice how their tastes may change by the time the outcomes are experienced. This article investigates the implications of making decisions by maximizing experienced utility ex post. Focusing on being satisfied with choice in retrospect results in quite different kinds of problems than a prospective orientation that projects one's current preferences into the future. The article examines a number of ways that people can easily mistake their reactions to outcomes in the future, and proposes a series of hypotheses related to how people will be dissatisfied with their choices. Then these barriers are related to good decisions to prescriptive processes that assist people in making decisions with which they will satisfied in the future. |
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