Regret theory: A new foundation
We present a new behavioral foundation for regret theory. The central axiom of this foundation — trade-off consistency — renders regret theory observable at the individual level and makes our foundation consistent with a recently introduced empirical and quantitative measurement method. Our behavior...
| Autores: | , |
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| Tipo de recurso: | artículo |
| Fecha de publicación: | 2017 |
| País: | España |
| Institución: | IE |
| Repositorio: | Repositorio IE |
| OAI Identifier: | oai:repositorio.ie.edu:20.500.14417/3923 |
| Acceso en línea: | https://doi.org/10.1016/j.jet.2017.08.006 https://hdl.handle.net/20.500.14417/3923 https://www.sciencedirect.com/science/article/pii/S0022053117300844 |
| Access Level: | acceso abierto |
| Palabra clave: | Regret theory Trade-off consistency Expected utility Transitivity 53 Ciencias Económicas::5307 Teoría económica ODS 4 - Educación de calidad |
| Sumario: | We present a new behavioral foundation for regret theory. The central axiom of this foundation — trade-off consistency — renders regret theory observable at the individual level and makes our foundation consistent with a recently introduced empirical and quantitative measurement method. Our behavioral foundation allows deriving a continuous regret theory representation and separating utility from regret. The axioms in our behavioral foundation clarify that regret theory minimally deviates from expected utility by relaxing transitivity only. |
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