Disappointment and Dynamic Consistency in Choice under Uncertainty

DOI10.2307/2297651zbMATH Open0585.90006OpenAlexW2057041949MaRDI QIDQ3712072FDOQ3712072

Authors: Graham Loomes, Robert Sugden 

Publication date: 1986

Published in: Review of Economic Studies (Search for Journal in Brave)

Full work available at URL: https://doi.org/10.2307/2297651

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zbMATH Keywords

individual choiceexpectationdisappointment theorydisappointment-elation functionrational and dynamically consistent behaviour

Mathematics Subject Classification ID

Group preferences (91B10) Mathematical psychology (91E99) Utility theory (91B16)

Cited In (80)

• Disappointment in Decision Making Under Uncertainty
• A second-generation disappointment aversion theory of decision making under risk
• Dynamic consumption and portfolio choice under prospect theory
• Generalized disappointment models
• Loss aversion and competition in Vickrey auctions: money ain't no good
• An explicit representation for disappointment aversion and other betweenness preferences
• The Becker-Degroot-Marschak mechanism and generalized utility theories: Theoretical predictions and empirical observations
• Optimal pricing strategy with disappointment‐aversion and elation‐seeking consumers: compared to price commitment
• Comparing risks with reference points: a stochastic dominance approach
• Asset pricing with a forward--backward stochastic differential utility
• Optimal insurance under maxmin expected utility
• Applying decision-making approaches to health risk-taking behaviors: Progress and remaining challenges
• Correcting expected utility for comparisons between alternative outcomes: A unified parameterization of regret and disappointment
• Context dependence and consistency in dynamic choice under uncertainty: the case of anticipated regret
• Expectation-based loss aversion and strategic interaction
• The ostrich effect: Selective attention to information
• Large-group risk dynamic emergency decision method based on the dual influence of preference transfer and risk preference
• Satisfied two-sided matching: a method considering elation and disappointment of agents
• Recent developments in modeling preferences: Uncertainty and ambiguity
• Cumulative prospect theory preferences in rent-seeking contests
• Dynamic psychological games
• Mean-risk analysis with enhanced behavioral content
• Asymmetric gain-loss reference dependence and attitudes toward uncertainty
• Subjective probability under additive aggregation of conditional preferences
• BSDEs with time-delayed generators of a moving average type with applications to non-monotone preferences
• Regret aversion in reason-based choice
• Disappointment without prior expectation: a unifying perspective on decision under risk
• The recursive approach to time inconsistency
• An index of loss aversion
• The influence of fear in decisions: experimental evidence
• Recent developments in modelling preferences under risk
• Fairness and desert in tournaments
• THE EQUITY PREMIUM PUZZLE AND EMOTIONAL ASSET PRICING
• An empirical investigation of the assumptions of risk-value models
• Stochastic multiple-criteria decision making with 2-tuple aspirations: a method based on disappointment stochastic dominance
• A model of regret, investor behavior, and market turbulence
• Goal bracketing and self-control
• A comparison of regret theory and salience theory for decisions under risk
• Risk decision analysis in emergency response: a method based on cumulative prospect theory
• Emotion and knowledge in decision making under uncertainty
• Regret theory with general choice sets
• On `Maxwell's laws' of individual behaviour
• Labor market search effort with reference-dependent preferences
• Reversals of preference between compound and simple risks: The role of editing heuristics
• Lack of prevalence of the endowment effect: an equilibrium analysis
• Frustration, aggression, and anger in leader-follower games
• The willingness-to-accept/willingness-to-pay disparity in repeated markets: loss aversion or ``bad-deal aversion?
• Expectations, disappointment, and rank-dependent probability weighting
• Utility from anticipation and personal equilibrium
• Recall searching with and without recall
• Convex ordering for insurance preferences
• The optimal insurance under disappointment theories
• Dynamic choice, independence and emotions
• The newsvendor problem with reference dependence, disappointment aversion and elation seeking
• Optimal insurance design under mean-variance preference with narrow framing
• Joint inventory, pricing, and advertising decisions with surplus and stockout loss aversions
• Applying the benchmarking procedure: A decision criterion of choice under risk
• Choice overload and asymmetric regret
• Price discrimination with loss averse consumers
• Intertemporal incentives under loss aversion
• Managing anticipation and reference-dependent choice
• Monetary policy rules in a non-rational world: a macroeconomic experiment
• On the equivalence of optimal mechanisms with loss and disappointment aversion
• Disappointment aversion premium principle
• Expected utility theory, Jeffrey's decision theory, and the paradoxes
• Building consensus in multi-attribute group decision making under a prospect theory-driven feedback adjustment mechanism
• Expected utility with threshold disappointment sensitivity
• The impact of health-related emotions on belief formation and behavior
• You are what your parents expect: height and local reference points
• A model of ambition, aspiration and happiness
• Concave/convex weighting and utility functions for risk: a new light on classical theorems
• Optimal reinsurance and investment strategy with two piece utility function
• A powerful tool for analyzing concave/convex utility and weighting functions
• The impact of quantity commitment with disappointment-averse and elation-seeking consumers
• Reference dependence, expectations and anchoring in the Becker-DeGroot-Marschak mechanism
• The two faces of independence: betweenness and homotheticity
• Instrumental rationality without separability
• Loss aversion in strategy-proof school-choice mechanisms
• Different notions of disappointment aversion
• What causes post-decision disappointment? Estimating the contributions of systematic and selection biases

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