Making important life decisions is difficult because the consequences of the choice can dramatically influence a person’s life. Furthermore, there is no possibility of going back in time and making an alternative decision. Moreover, it is impossible to know what would have happened if a person had made a different decision. While there is no single sole strategy that allows a person to make the best decision, different decision-making approaches can significantly simplify the process. The anticipated regret approach defined by Schroeder presents one of the many different approaches to decision-making that can be applied in different circumstances and have a beneficial effect in most cases. However, the psychological processes involved in the approach can also have adverse effects on individuals facing important decisions. This essay will explore Schroeder’s arguments in defense of the anticipated regret approach and explain why it cannot be perceived as rational.
Firstly, defining the arguments against the use of Schroeder’s approach requires a more detailed consideration of the author’s arguments for the application of the approach. In the article, the author outlines several major arguments in defense of the anticipated regret approach. Firstly, Schroeder provides examples of stories where the application of the regret approach allows the characters to make important decisions. The stories demonstrate that in most decision-making cases, people already have formed opinions about the possible options and their consequences. Moreover, the characters often have their reference points in decision-making, such as personal preferences or goals. Therefore, the anticipated regret approach can assist the individual in making a decision already formed in his perception.
Next, the author explains that the anticipated regret approach is partially based on regret theory, which associates the possible options with specific values. The theory of regret explains that in choosing between two options, it is rational to prioritize the choice which provides more value to the individual because not accepting this option will cause regret. However, the author himself explains that the realistic application of regret theory is impossible because it implies the knowledge of both choices’ consequences. Therefore, the anticipated regret approach presents a version of the theory which is more adapted to real-life circumstances.
Lastly, the author explains that it is important to consider an individual’s narrative in decision-making. While major life decisions have significant consequences for the individual, then can also be perceived as elements of human development that influence subsequent decision-making. Therefore, the author suggests that there will always be a factor inclining the decision-making in one direction in the form of the individual’s inner narrative. Moreover, when different life decisions accumulate over time, their influence on the individual will have even more impact. Thus, the author explains that defining future regret as the primary factor in decision-making can be perceived as rational.
On the other hand, while Schroeder’s arguments for rationality behind anticipated regret thoroughly explain how applying the approach can ease the decision-making process, the theory leaves several unresolved questions. In combination, these questions present a strong argument against the claim of the rational nature of the approach. Firstly, the stories provided by Schroeder as examples of anticipated regret approach application generally focus on characters choosing the safest option. Thus, the author suggests that while alternative options present more opportunities, the possibility of risk reduces the likelihood of regret and forces the characters to reject new opportunities. However, in application to real life, high risks are generally associated with better outcomes, and people feel more regretful about not being able to make riskier decisions in the past. Rationality can be defined as an individual’s aspiration to achieve maximum effect from available resources. Therefore, the use of the anticipated regret approach is irrational in terms of decisions that involve risks.
Next, Schroeder’s arguments are based on the premise that people already have formed opinions about the possible options and their consequences from their correlation with personal preferences or goals. In this case, the anticipated regret approach does not focus on rational decision-making but allows the individual to prioritize his interests. Moreover, in life decisions where an individual faces the choice between two similar outcomes, using an anticipated regret approach can cause excessive pressure. For example, in choosing the field of study for a student with no clear preferences, using an anticipated regret approach can result in demotivation and stress.
Lastly, Schroeder explained that important decisions contribute to the individual’s development as a person and define their worldview and value system in the future. Moreover, it is likely that in the future, it will be impossible for the individual to objectively consider his regret about past decisions. Thus, an individual’s perception of future regrets will ultimately be different from his real regrets in the future. Therefore, there is no rational explanation for attempting to predict an individual’s future regrets.
In conclusion, this essay explored Schroeder’s arguments for rationality behind the anticipated regret approach in decision-making. The essay explained that even though the application of the approach can act as a helpful strategy to facilitate the decision-making process, its rationality remains questionable. The essay determined that Schroeder’s approach considers risks as a negative factor in decision-making, can cause excessive stress and pressure, and lacks objectivity in the long-term perception of regret. Thus, the combination of the essay’s findings presents arguments in objection to Schroeder’s claim about rationality in anticipated regret.