The reflection effect in memory-based decisions
Previous research has shown that episodic memory influences decisions, with peopleexhibiting too strong preferences for remembered over forgotten options. However, thecognitive mechanisms underlying this memory bias remain elusive. Here, we propose thatchoosing forgotten (or poorly remembered) options is conceptually similar to choosingoptions with uncertain outcomes. Following this rationale, we predicted that the memorybias is reduced when options have negative subjective value – analogous to the reflectioneffect, according to which uncertainty aversion is stronger in gains than in losses. In twopreregistered experiments, participants made memory-based decisions between sets ofappetitive or aversive stimuli. As predicted, people preferred remembered over forgottenoptions in the gain domain, but this behavioral pattern reversed in the loss domain. Ourresults contribute to an increasing understanding of the role of memory in decision makingand connect this emerging field to the well-established research on decisions under risk anduncertainty.