On Sale

I do not cook, but I fell in love with a frying pan.

In keeping with my lifelong dream of becoming a chef who hates cooking, I did a considerable amount of research. Enough to make the purchase feel informed, although what I would cook remained largely unexplored. I was much further along in choosing the equipment.

Another frying pan would technically have served the same purpose, which, so far, was being wanted. But this one felt right.

To my surprise, it was on sale: 40% off.

I decided to sleep on it. After all, it was unlikely to see much immediate use. The next morning, the sale had ended.

A week later, another sale began. The pan was 30% off this time. I still wanted it, but the new price bothered me. I kept thinking about how much less I could have paid.

Apparently, I could accept buying a frying pan without cooking. Buying it at the wrong discount required more thought.

What are you still passing up?

In 1995, psychologists Orit Tykocinski, Thane Pittman, and Erin Tuttle studied what happens after we miss a good offer.

Participants imagined buying a pass to a ski resort they liked. The regular price was $100. They could buy it this week for $90.

One group heard only about that discount. Two other groups learned that they had missed an earlier offer. A friend had told them about it, but they had forgotten to buy before the deadline. One group had missed an $80 price. The other had missed a $40 price.

Everyone now faced the same choice: buy the pass for $90 or go without it.

Those who had missed the $40 offer were less willing to buy than either of the other groups. Missing the $80 offer made no significant difference compared with hearing only about the current discount.

The researchers called this inaction inertia. Missing a better opportunity can make us pass up another one that still has value.

The gap between the offers mattered. Missing a small saving left interest largely unchanged. Missing a much larger saving reduced it. Participants reported their intentions; they did not make actual purchases.

The current offer could be described in two ways. Against the regular price, it saved $10. Against the expired price, it cost $50 more. The arithmetic was correct either way.

But the $40 pass was no longer for sale. Rejecting the $90 pass would not bring it back. The remaining choices were buying at the current price or having no pass.

***

Later research examined how people thought about the remaining offer.

After missing a much better discount, participants tended to describe the current discount as a loss. Those who heard only about the current discount tended to describe it as a gain. Making the past and present opportunities less comparable reduced inaction inertia. The earlier offer had less influence when the two were harder to compare.

People choosing for someone else also showed less inaction inertia. They focused more on available gains and less on missed opportunities. Directing attention towards available gains reduced the effect for people choosing for themselves too.

We miss the cheaper tickets and abandon a trip we still want. We miss a friend’s birthday, then hesitate to call because the greeting would be late. Saturday’s plans fall through, and Sunday no longer seems worth arranging.

Each disappointment can grow beyond what first went wrong. Missing the discount costs us the saving. Abandoning the trip costs us the experience too. Missing the birthday becomes weeks without speaking.

The earlier chance was better. That does not settle whether the next one is worth taking. A late call can still give us an hour together. Sunday can still be a day we enjoy.

The first opportunity is already gone. Passing up the next one gives us another loss to regret.

^{This is a space for exploration and reflection, not medical, psychological, or therapeutic advice. Each reader’s situation is unique and deserves the right kind of support. If you are struggling or in crisis, please contact a licensed mental health professional. This edition contains affiliate links. As an Amazon Associate, we may earn from qualifying purchases at no additional cost to you.}