Comparedto UP, a stronger level of negative emotions induced by purchasing HP causedJournal Pre-proof5consumers to relinquish buying such products [20, 43].The above studies demonstrate that consumers show different purchase biasestowards UP and HP in various situations. In the context of online shopping festivals, alarge set of products are launched for promotion, and most of the highly discountedproducts have time or quota restrictions [40, 41]. Consumers need to make optimal andinstant decisions among these various product choices. In this case, we speculate thatUP, which are easy for consumers to justify [6, 30], are more likely to attract theirattention and induce purchase intention. In contrast, HP, which usually consumes moretime and energy to choose, might be more likely to induce negative emotions such asanticipatory regret in the case of an instant decision [20, 23, 43]. Therefore, we proposethat during online shopping festivals, consumers might have a higher purchase intentionto choose UP than to choose HP. To further examine the underlying psychologicalmechanism, we carry out a neuroscientific experiment with event-related potentials(ERPs) to explore the cognitive activity of purchase intentio during online shoppingfestivals. Following the previous literature on consumer buying decisions, the presentstudy focuses on two important components (N2 and LPC)