How Maximizers Estimate Their Decision Time: The Mediating Effect of Memory Reduction

Abstract

ABSTRACTPrevious studies have divided people into maximizers and satisficers based on their tendency to seek the best in decision‐making. In the present research, we aim to unravel the time estimation process of maximizers in decision‐making through four studies. The results indicate that maximizers tend to underestimate the time spent in decision‐making, which is due to the difference in their memory reduction for decision‐related information compared to that of satisficers. Specifically, maximizers' memories of special information (rather than common information) become worse than those of satisficers, which leads to their underestimation of decision time. These findings provide a deeper understanding of how maximizers estimate their decision time, which offers important insights into how maximizers make their decisions. Overall, this research contributes to the literature by shedding new light on maximization from the perspective of memory.