Counterfactual thinking involves reflecting on alternative outcomes of past events, focusing particularly on elements that could have been controlled. This type of thinking not only examines what could have been done differently but often leads individuals to realize their choices might have yielded better results. This introspection highlights the controllable factors in a situation, increasing the tendency for individuals to feel regret about their decisions.

The emphasis on control in counterfactual thinking suggests that when people assess their past choices, they are more likely to dwell on what they could have changed. As a result, this can intensify feelings of remorse and dissatisfaction, illustrating how contemplating 'what if' scenarios can create a paradox where greater awareness of options leads to a deeper sense of regret. Barry Schwartz explores this phenomenon, emphasizing the psychological impact of choice and reflection on decision-making.