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G2a Even the Best Get Tired: The Importance of Decision Fatigue in Consumer Decision Making
Key Words
Decision fatigue, consumer decision making, information processing, decision-making ability, financial decision
Short Description
Decision fatigue (i.e., an impaired ability to make effective decisions) is a growing problem associated with negative consumer welfare outcomes. Yet little is known about how it is produced or how a consumer might lessen it. In this study, we examine the roles of need for cognition and information processing effort in decision fatigue as well as the ways in which decision-making ability influences those relationships. We found that individuals with a stronger desire to think deeply about their decision (need for cognition) and those with higher levels of decision-making ability were less susceptible to decision fatigue unless they engaged in effortful processing. Our findings affirm that decision making operates like a muscle that fatigues with use. The implication is that consumer educational programs (e.g., financial education) should increase awareness of decision fatigue and continue to seek ways to warn consumers when their decision-making muscle is weak and decisions might need to be postponed.