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Further Evidence of the Impact of Regret and Disappointment in Choice under Uncertainty

Graham Loomes
Economica
New Series, Vol. 55, No. 217 (Feb., 1988), pp. 47-62
DOI: 10.2307/2554246
Stable URL: http://www.jstor.org/stable/2554246
Page Count: 16
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Further Evidence of the Impact of Regret and Disappointment in Choice under Uncertainty
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Abstract

A preliminary experimental study of the relative impact of regret and disappointment on individual choice under uncertainty is followed up and extended in various ways. Taken in conjunction with the earlier work, the new results provide further evidence of the limitations of von Neumann-Morgenstern expected utility theory, and indicate the potential power of the alternative models discussed. It is argued that there is sufficient weight of evidence to encourage further systematic investigation, and a possible design for future experimental work is suggested.

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