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Testing for Regret and Disappointment in Choice under Uncertainty

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  • Loomes, Graham
  • Sugden, Robert

Abstract

Much of the experimental evidence concerning violations of von Neumann-Morgenstern expected utility theory has been collected fr om experiments designed with conventional theory in mind and does not provide direct tests of alternative models such as regret theory and disappointment theory. This paper reports and discusses recent evidence produced by an exp erimentspe cifically designed to test for the impacts of regret and disappointment, and to indicate their relative importance. Copyright 1987 by Royal Economic Society.

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  • Loomes, Graham & Sugden, Robert, 1987. "Testing for Regret and Disappointment in Choice under Uncertainty," Economic Journal, Royal Economic Society, vol. 97(388a), pages 118-129, Supplemen.
    • Handle: RePEc:ecj:econjl:v:97:y:1987:i:388a:p:118-29
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