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Regret Aversion or Event-Splitting Effects? More Evidence under Risk and Uncertainty

STEVEN J. HUMPHREY
Journal of Risk and Uncertainty
Vol. 11, No. 3 (1995), pp. 263-274
Published by: Springer
Stable URL: http://www.jstor.org/stable/41760789
Page Count: 12
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Regret Aversion or Event-Splitting Effects? More Evidence under Risk and Uncertainty
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Abstract

Recent experimental evidence has concluded that experimentally observed juxtaposition effects, as predicted by regret theory¹, are largely attributable to "event-splitting effects" (ESEs) whereby the subjective decision weight attached to an outcome depends on the number of, as well as on the combined probability of, the disjoint events in which that outcome occurs. An experiment is reported that discriminates between juxtaposition effects and ESEs under conditions of both complete and incomplete information. The results confirm that juxtaposition effects are indeed largely due to ESEs and are robust over different informational conditions.

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