Researchers Suzanne Shu of UCLA and Marissa A. Sharif of the University of Pennsylvania used a variety of experiments, including having participants imagine they had a free pass to a concert venue, to track people’s willingness to indulge and their self-reported satisfaction with the results. Participants could see the list of 20 musical acts that could potentially play the venue over the 15-week season, but each band was announced only the week it would be appearing. People given a “VIP access” pass waited longer to use it, hoping for a more popular act, than the people given less exclusive passes. Those who delayed often wound up settling for an act they had rated as mediocre to use the pass before it expired and expressed more regret about their choice than those who exercised the pass sooner.
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