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The purpose of the paper is to develop a theoretical framework with testable propositions discussing the role of counterfactual thinking in fostering accurate decision-making in groups and preventing catastrophes, being mediated by information searching, sharing, task conflict and conflict management mechanisms, moderated by task complexity, cognitive complexity, cognitive closure and tolerance of ambiguity.

A theoretical framework is formulated and propositions are postulated involving independent, mediating, moderating and dependent variables.

This paper recommends a helpful framework for understanding of how counterfactual thinking affects information searching, sharing and decision-making accuracy in groups, thereby preventing catastrophes.

The proposed framework might be of assistance in managing complex group decision-making and information sharing in organizations. Decision-makers may become aware that activating counterfactual mind-set enables them to search for critical information facilitating accurate decision-making in groups leading to catastrophe prevention.

This paper adds value to the field of counterfactual thinking theory applied to group decision-making. Moreover, the paper provides a novel framework for group decision-making which sheds light on pertinent variables, which can either ameliorate or exacerbate the accuracy of decision-making by information searching and sharing in groups under varying context of high/low task complexity. The ramifications of task conflict, conflict management mechanisms, team diversity and size are explored alongside the moderating role of cognitive complexity, cognitive closure and tolerance for ambiguity.