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Generalized Disappointment Models

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  • Jia, Jianmin
  • Dyer, James S
  • Butler, John C
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    Abstract

    "Blessed is he who expects nothing, for he shall never be disappointed"--Benjamin Franklin. Based on our risk-value framework, this paper presents extensions for the disappointment models that were originally proposed by Bell (1985) and Loomes and Sugden (1986). We provide explicit functional forms for modeling the effect of disappointment on risky choice behavior that generalizes Bell's work and lends tractability to the efforts of Loomes and Sugden. Our generalized disappointment models can explain a number of decision paradoxes, and offer additional insights into nonexpected utility preferences based on the intuitive notions of disappointment and risk-value tradeoffs. Copyright 2001 by Kluwer Academic Publishers

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    Bibliographic Info

    Article provided by Springer in its journal Journal of Risk and Uncertainty.

    Volume (Year): 22 (2001)
    Issue (Month): 1 (January)
    Pages: 59-78

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    Handle: RePEc:kap:jrisku:v:22:y:2001:i:1:p:59-78

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    Web page: http://www.springerlink.com/link.asp?id=100299

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    Cited by:
    1. Thierry Chauveau, 2012. "Subjective risk and disappointment," Documents de travail du Centre d'Economie de la Sorbonne 12063, Université Panthéon-Sorbonne (Paris 1), Centre d'Economie de la Sorbonne.
    2. Fielding, David & Stracca, Livio, 2007. "Myopic loss aversion, disappointment aversion, and the equity premium puzzle," Journal of Economic Behavior & Organization, Elsevier, vol. 64(2), pages 250-268, October.
    3. Tapiero, Charles, 2003. "Risk Management: An Interdisciplinary Framework," ESSEC Working Papers DR 03014, ESSEC Research Center, ESSEC Business School.
    4. Abdellaoui, Mohammed & Bleichrodt, Han, 2007. "Eliciting Gul's theory of disappointment aversion by the tradeoff method," Journal of Economic Psychology, Elsevier, vol. 28(6), pages 631-645, December.
    5. Philippe Delquié & Alessandra Cillo, 2006. "Disappointment without prior expectation: a unifying perspective on decision under risk," Journal of Risk and Uncertainty, Springer, vol. 33(3), pages 197-215, December.
    6. Rong Chen & Jianmin Jia, 2012. "Regret and performance uncertainty in consumer repeat choice," Marketing Letters, Springer, vol. 23(1), pages 353-365, March.
    7. John Butler & James Dyer & Jiammin Jia, 2005. "An Empirical Investigation of the Assumptions of Risk-Value Models," Journal of Risk and Uncertainty, Springer, vol. 30(2), pages 133-156, January.
    8. Thierry Chauveau, 2012. "Subjective risk and disappointment," Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) halshs-00747902, HAL.

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