Financial inertia has been a subject of interest in diverse disciplines, but there is still no consensus on its definition. The present research contributes to the development of a working...Show moreFinancial inertia has been a subject of interest in diverse disciplines, but there is still no consensus on its definition. The present research contributes to the development of a working definition by providing two studies that are part of the prototype analysis of financial inertia through a bottom-up approach with laypeople to develop a context-independent definition. In both studies, we tested the validity of the previously selected and classified features of financial inertia. In Study 1, we conclude that central features are more often recalled and recognized (correctly and falsely) as features of financial inertia than peripheral features. In Study 2, we find that central features were more often classified as a feature of financial inertia and that this classification was quicker than peripheral features. These results provide strong evidence for our classification of central and peripheral features to financial inertia.Show less
Maximizing can lead to experiencing negative emotions, and this can lead to problematic decision-making styles. However, which negative emotions and how that exactly influences decision making is...Show moreMaximizing can lead to experiencing negative emotions, and this can lead to problematic decision-making styles. However, which negative emotions and how that exactly influences decision making is not completely clear. The present research suggests that maximizing leads to anticipating regret, which in turn leads to avoiding decisions. In addition, the expectation was that upward social comparison moderates the relationship between maximizing and anticipated regret, such that more regret is anticipated. Consequently, decisions were expected to be avoided more. These hypotheses were tested using a correlational (Study 1, N = 126) and experimental study (Study 2, N = 499). The results showed that maximizing indeed leads to a higher likeliness of anticipated regret and decision avoidance. However, satisficers experienced the same consequences when exposed to upward social comparison. The discussion offers explanations and implications of the findings.Show less
