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Remedying Hyperopia: The Effects of Self- Control Regret on Consumer Behavior

Press releases should be typed, double-spaced and spell-checked. Press releases need to be presented in a professional manner that is easily read. Spelling errors are a quick ticket to the editor’s wastebasket. · The name and address of the organization sending the press release should be prominently displayed at the outset. This is easily accomplished by using pre-printed letterhead, either designed professionally or on your computer. · Always include the name and phone number of a specific person to be contacted for more information at the top of the first page. The contact person should be prepared to handle calls from the media. He or she should have. | ANAT KEINAN and RAN KIVETZ The self-control literature is premised on the notion of myopia shortsightedness or present-biased preferences and assumes that choosing vices generates regret. An alternative perspective suggests that consumers often suffer from a reverse self-control problem namely excessive farsightedness and overcontrol or hyperopia. This research examines whether consumers can foresee the detrimental long-term consequences of hyperopia. Five studies demonstrate that anticipating long-term regret relaxes self-control and motivates consumers to counteract their righteousness. Consumers are more likely to select indulgences and luxuries when they judge the longer-term regrets of others anticipate their own regret in the distant future and reflect on their regret regarding an actual decision made in the more distant past. The article concludes with two field experiments that examine the effect of anticipatory regret on real consumer purchases at a shopping mall and during Thanksgiving. These experiments demonstrate that anticipating long-term regret leads consumers to buy pleasurable products rather than practical necessities and to spend more on shopping. The implications for marketers and consumers are discussed. Keywords hyperopia self-control regret consumer behavior Remedying Hyperopia The Effects of SelfControl Regret on Consumer Behavior Yield to temptation. It may not pass your way again. Robert A. Heinlein Many purchase and consumption decisions involve an intrapersonal struggle between consumers righteous prudent side and their indulgent pleasure-seeking side. Whereas purchasing and consuming utilitarian necessities and virtues e.g. a practical car a healthful food item is considered responsible and farsighted yielding to hedonic temptations e.g. buying a luxury car eating a chocolate cake is viewed as impulsive and wasteful. The perceived precedence of virtue and necessity over vice and luxury is at least as old as ancient Greek civilization.