Abstract: Out-of-stock of new products is often regarded as an important context cueby consumers to generate their impulsive purchases, which in turn leads to their post-purchase regrets. Atpresent, however, the researches on it are seriously insufficient. Based on counterfactual thinking theory and meta-emotional experience theory, this article constructs a model of moderated duel mediator, exploresin-depth the internal mechanism and its boundary conditions underlying the impact of out-of-stock of new products on consumer post-purchase regret, and adopts the experimental research method to conduct an empirical test. The findings of the three experiments show that out-of-stock of new products will affect consumers' post-purchase regret, and that the demanded out-of-stock (DOOS) of the new products is easier to lead consumers to generating more regrets than that of thesupplied out-of-stock（SOOS）. The counterfactual thinking and meta-emotional experience would jointly mediate the impact of out-of-stock of new products on consumers' post-purchase regret. The consumer narcissism would moderate the dual mediating effects of counterfactual thinking and meta-emotional experience, i.e.,the higher-level narcissist are easier to let the mediator effect of meta-emotional experience holding adominantposition, while the lower-level narcissist are easier to let the mediator effect of counterfactual thinking holding adominantposition. These conclusions are conductive not only to deepening and enriching the theory of new product out-of-stock, but also to the promotion of the development of the related management practices.

Key words: out-of-stock of new products, counterfactual thinking, meta-emotional experience, consumer narcissism, post-purchase regret