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Regret Theory and the Tyranny of Choice

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Author Info
BEN IRONS
CAMERON HEPBURN

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Abstract

As economists, we tend to accept the principle that more choice cannot make us worse off. However, recent evidence from laboratory and field experiments suggests that more choice can inhibit decision-making and reduce search in many situations, potentially reducing welfare. This paper provides a formal theoretical foundation for these observations by embedding the regret theory of Loomes and Sugden (1982) in three search models. Beyond a threshold number of options, we find that 'less is more': agents who experience regret have lower utility as the number of options is increased. Copyright © 2007 The Economic Society of Australia.

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Publisher Info
Article provided by The Economic Society of Australia in its journal Economic Record.

Volume (Year): 83 (2007)
Issue (Month): 261 (06)
Pages: 191-203
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Handle: RePEc:bla:ecorec:v:83:y:2007:i:261:p:191-203

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  1. Jason T. Abaluck & Jonathan Gruber, 2009. "Choice Inconsistencies Among the Elderly: Evidence from Plan Choice in the Medicare Part D Program," NBER Working Papers 14759, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  2. Daniel Krähmer & Rebecca Stone, 2005. "Regret in Dynamic Decision Problems," Discussion Papers 71, SFB/TR 15 Governance and the Efficiency of Economic Systems, Free University of Berlin, Humboldt University of Berlin, University of Bonn, University of Mannheim, University of Munich. [Downloadable!]
  3. Morton Paglin & Mark Paglin, 2008. "The Number of Goods as a Welfare Variable: A Simplified Graphic Approach," Journal of Economic Education, Helen Dwight Reid Foundation, vol. 39(4), pages 374-390. [Downloadable!]
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This page was last updated on 2009-11-22.

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