Mommy, When Can I have My Cookies?

Current regret literature suggests a psychological difference in how people cognitively evaluate their own role in suboptimal outcomes regarding (in)actions taken. Initial studies report a robust action effect (Kahneman, 1982); however, subsequent studies have challenged these findings and suggest that the inactions elicit greater regret (Beike, Markman & Karadogan, 2009; Gilovich & Medvec, 1995). The concept of delayed gratification can provide a valuable lens through which we can understand these seemingly conflicting results. A classic study by Walter Mischel (1989) examined children’s ability to wait for a larger reward (e.g., two marshmallows) rather than settling for an immediate reward (e.g., one marshmallow). The findings suggested that the ability to delay gratification often predicts better outcomes later in life associated with better emotional regulation and easily be implemented with adult populations. With that in mind, in decision making context, this puts the person in a dilemma of making a choice between short-term impulses vs missed opportunities. We expect that people who prioritize immediate gratification may experience regret stemming from failed actions when the short-term rewards do not justify the long-term consequences. Likewise, those who delay gratification to avoid short-term discomfort may later regret missing out on potential long-term benefits, especially when the regret of missed opportunities outweighs the discomfort of taking an action. The study offers real-life implications such as financial planning, time management and as well as self-regulation strategies. It can help people to find a balance between immediate rewards and long-term outcomes, improving overall well-being and reducing feelings of regret.