Regret averse individuals prefer ignorance, leading to unexpected game dynamics.
The study shows that when we don't know the outcome of a choice we didn't make, we often prefer not to find out. This can lead to regret. The researchers created a model to understand how people deal with regret and found that having more information after making a decision isn't always better. They also discovered that when multiple people are involved, the information available after a decision can depend on what everyone chooses. This means that decision-making isn't just about individual choices, but also about how others' choices affect the outcome. The researchers tested their model in experiments and found evidence to support their ideas.