Regret aversion in reason-based choice

DOI10.1007/S11238-011-9269-0MaRDI QIDQ453648zbMATH OpenOpenAlexFDO

Authors Terry Connolly, Jochen Reb

Publication date 27 September 2012

Published in Theory and Decision (Search for Journal in Brave)

Full work available at URL https://ink.library.smu.edu.sg/lkcsb_research/3155

zbMATH Keywords

accept/reject effectdecision justificationdecoy effectmost important attribute effectreason-based choiceregretregret aversion

Mathematics Subject Classification ID

Management decision making, including multiple objectives (90B50) Decision theory (91B06)

Recommendations

• Regret aversion and opportunity dependence
• Anticipated regret as an explanation of uncertainty aversion
• Regret theory and measurable utility
• Some implications of a more general form of regret theory
• Aversion to risk of regret and preference for positively skewed risks
• Regret theory with general choice sets
• Regret theory: a new foundation
• Regret minimization, willingness-to-accept-losses and framing
• Regret and instability in causal decision theory

Cites work

• A parallel between regret theory and outranking methods for multicriteria decision making under imprecise information
• Choice by elimination
• Disappointment and Dynamic Consistency in Choice under Uncertainty
• Disappointment in Decision Making Under Uncertainty
• Regret in Decision Making under Uncertainty
• The affect heuristic
• The costs of deception: Evidence from psychology

Cited in

(4)

• Regret theory: a new foundation
• Aversion to risk of regret and preference for positively skewed risks
• Choice overload and asymmetric regret
• Regret to the Best vs. Regret to the Average

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