Counterfactual curiosity in real decisions: The roles of outcome valence and aging

Non-instrumental counterfactual curiosity (i.e., the search for information about forgone options that is not useful for improving future outcomes) has especially been observed after outcomes perceived as negative and, consequently, attributed to forms of regret management. In three online experiments (N = 620), we extended the study of counterfactual curiosity about economically incentivized decisions in younger and older adults. Participants played independent rounds of a card-drawing game by choosing one of two decks to turn over the top, covered card, which could increase, decrease, or have no effect on an initial endowment. Following that, they could examine the top card of the other deck to see if and how the outcome could have differed. Experiment 1 featured identical decks, making the choice between them random. In Experiment 2, participants made a deliberate choice between a riskier and a safer deck, each varying in the extremity of potential wins and losses. In Experiment 3, the decks were identical to those in Experiment 2, but access to counterfactual information was contingent upon participants forfeiting part of their endowment. Results showed a relevant portion of both younger and older adults displayed curiosity for non-instrumental counterfactual information, especially when it was free and likely to reveal that the forgone option would have been better than the chosen one. Older adults exhibited a higher level of curiosity than younger counterparts only when choices were deliberate and counterfactual information was free. These findings are discussed in relation to current perspectives on the regret-management function of counterfactual curiosity.