A direct test of the original version of regret theory

Daniela Teresa Di Cagno · John D. Hey

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Decision-Making and Behavioral Economics Economic and Environmental Valuation Experimental Behavioral Economics Studies

Abstract

Abstract This paper reports on a direct experimental test of the original version of Regret Theory using a total of 64 subjects in three groups. The experiment, which was run on PCs, was designed to elicit from subjects' responses the two key elements in this theory: namely the basic utility function, and the regret/rejoicing function. It was also designed to provide a quick direct test of the implications of the theory. We found that the evidence refuted this original version of Regret Theory.

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References

1982Regret Theory: An Alternative Theory of Rational Choice Under Uncertainty 1982Regret in Decision Making under Uncertainty 1982Nontransitive measurable utility 1987Some implications of a more general form of regret theory

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