Overview

Regret avoidance occurs when a individual makes choices to as to to minimize the possible regret they feel. A common example of the bias happens when an individual makes a certain choice, then when presented with evidence that she should change her choice in light of new information, fails to do so for fear that the first choice will pay off. In this case, the individual fears having switched choices, only to be proven right in her first choice. People often stick with an initial choice, regardless of any information that comes to light.