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Note---Testing Regret

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  • Paul Anand

    (Institute of Agricultural Economics, University of Oxford, Little Clarendon Street, Oxford OX1 2HP, United Kingdom)

Abstract

Bell's recent paper (Bell, D. E. 1983. Risk premiums for decision regret. Management Sci. 29 1156--1166.) in this journal provides useful foundations for the regret approach to decision theory. This work is all the more important because regret, that is, the pain of having chosen incorrectly, is one of the few radical departures from the conceptual framework of the ubiquitous expected utility model and its variants. Despite providing many of the parametric accoutrements deemed necessary for the acceptance of a model he has not, I believe, proposed a test which is the most appropriate to establish the validity of regret.

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File URL: http://dx.doi.org/10.1287/mnsc.31.1.114
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Bibliographic Info

Article provided by INFORMS in its journal Management Science.

Volume (Year): 31 (1985)
Issue (Month): 1 (January)
Pages: 114-116

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Handle: RePEc:inm:ormnsc:v:31:y:1985:i:1:p:114-116

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Cited by:
  1. Smith, Richard David, 1996. "Is Regret Theory an alternative basis for estimating the value of healthcare interventions?," Health Policy, Elsevier, vol. 37(2), pages 105-115, August.

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