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Further Evidence of the Impact of Regret and Disappointment in Choice under Uncertainty
New Series, Vol. 55, No. 217 (Feb., 1988), pp. 47-62
Published by: Wiley on behalf of The London School of Economics and Political Science and The Suntory and Toyota International Centres for Economics and Related Disciplines
Stable URL: http://www.jstor.org/stable/2554246
Page Count: 16
You can always find the topics here!Topics: Regret, Disappointment, Expected utility, Empirical evidence, Economic uncertainty, Economic theory, Indifference curves, Experiment design, Observed choices, Explanation theories
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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.
Economica © 1988 London School of Economics