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Expanded Version Of Regret Theory: Experimental Test

Author

Listed:
  • Josefa Tomás

    (Universidad de Alicante)

  • Ramón Sirvent

    (Universidad de Alicante)

Abstract

The "Regret Theory" [Loomes & Sugden (1987)] predicts that indifference lines fan out from a point to the southwest of the origin of the Marschak-Machina triangle. This fact is a consequence of regret aversion. In this paper we present the results of an experiment which shows that the individuals can change the form of their indifference lines from some triangles to others depending on the central result. Furthermore, we propose an extension to the model of Expanded Uti1it.y depending on difference [Sirvent & Tomás (1992)] which explains these changes by means of the attitude regarding success/failure shown by the individuals.

Suggested Citation

  • Josefa Tomás & Ramón Sirvent, 1995. "Expanded Version Of Regret Theory: Experimental Test," Working Papers. Serie AD 1995-16, Instituto Valenciano de Investigaciones Económicas, S.A. (Ivie).
    • Handle: RePEc:ivi:wpasad:1995-16
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    File URL: http://www.ivie.es/downloads/docs/wpasad/wpasad-1995-16.pdf
    File Function: Fisrt version / Primera version, 1995
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    Cited by:

    1. Luis Corchón & Andreu Mas-Colell, 1995. "A Note On Stability Of Best Reply And Gradient Systems With Applications To Imperfectly Competitive Models," Working Papers. Serie AD 1995-18, Instituto Valenciano de Investigaciones Económicas, S.A. (Ivie).

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