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Why do people who think they have failed want to see the results more? An investigation based on the Ego Utility Model

Author

Listed:
  • Kazumi Shimizu

    (Faculty of Political Science and Economics, Waseda University)

  • Rongyu Hu

    (Graduate School of Economics, Waseda University)

Abstract

This paper examines how ego utility influences decision making and shows that the desire to maintain or enhance one’s self-image can lead to the avoidance of useful information if it conflicts with existing beliefs. It challenges the traditional economic view of purely rational decision making focused on economic gain by incorporating ego utility into expected utility theory. The study provides theoretical evidence on how ego utility affects information processing and decision-making, suggesting that self-esteem plays a significant role. This work enriches the field of behavioural economics by shedding light on the reasons behind individuals’ reluctance to seek relevant information, highlighting the complex relationship between ego utility and information seeking behaviour.

Suggested Citation

  • Kazumi Shimizu & Rongyu Hu, 2024. "Why do people who think they have failed want to see the results more? An investigation based on the Ego Utility Model," Working Papers 2403, Waseda University, Faculty of Political Science and Economics.
    • Handle: RePEc:wap:wpaper:2403
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