Journal of Marketing Behavior > Vol 1 > Issue 2

Robust Satisficing via Regret Minimization

Marcel Zeelenberg, Tilburg University, The Netherlands, Marcel@uvt.nl
 
Suggested Citation
Marcel Zeelenberg (2015), "Robust Satisficing via Regret Minimization", Journal of Marketing Behavior: Vol. 1: No. 2, pp 157-166. http://dx.doi.org/10.1561/107.00000010

Published: 21 Oct 2015
© 2015 M. Zeelenberg
 
Subjects
Behavioral Decision Making,  Individual Decision Making,  Economic theory,  Uncertainty
 
Keywords
RegretMaximizingRobust satisficing
 

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In this article:
1. Robust Satisficing and Non-Probabilistic Decision Making
2. Robust Satisficing via Regret Minimization
3. Coda
References

Abstract

Schwartz (2015) argues that a rational decision-maker should not always strive for maximization. In cases where it is not possible to assign probabilities and/or weights to the possible outcomes of choice alternatives, Schwartz argues it is better to engage in robust satisficing, ensuring a good enough outcome when things go awry. Schwartz thus argues that robust satisficing is normatively valid. I focused in my comment on whether it may also be descriptively valid. I propose that in everyday decision making, robust satisficing may occur via regret minimization. Hence, counterfactual thinking and anticipated emotions may be the proximal psychological processes for robust satisficing.

DOI:10.1561/107.00000010