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Regret and the rationality of choices

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  • Sacha Bourgeois-Gironde

    ()
    (IJN - Institut Jean-Nicod - CNRS : UMR8129 - Ecole Normale Supérieure de Paris - ENS Paris - Ecole des Hautes Etudes en Sciences Sociales (EHESS))

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    Abstract

    Regrat helps to optimize decision-behaviour. It can be defined as a rational emotion. Several recent neurobiological studies have confirmed the interface between emotion and cognition at which regret is located and documented its role in decision behaviour. The data give credibility to the incorporation of regret in decision-theory that had been proposed by economists in the 1980s. However, finer distinctions are required in order to get a better grasp of how regret and behaviour influence each other. Regret can be defined as a predictive error signal but this signal does not necessarily transpose into a decision-weight influencing behaviour. Clinical studies on several types of patients show that the processing of an error-signal and its influence on subsequent behaviour can be dissociated. We propose a general understanding of how regret and decision-making are connected in terms of regret being modulated by rational antecedents of choice. Regret and the modification of behaviour on its basis will depend on the criteria of rationality involved in decision-making. We indicate current and prospective lines of research in order to refine our views on how regret contributes to optimal decision-making.

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    File URL: http://jeannicod.ccsd.cnrs.fr/docs/00/43/23/08/PDF/regret_and_rationality.pdf
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    Bibliographic Info

    Paper provided by HAL in its series Post-Print with number ijn_00432308.

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    Date of creation: 2009
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    Publication status: Published, Philosophical Transactions of the Royal Society B, 2009, 1-9
    Handle: RePEc:hal:journl:ijn_00432308

    Note: View the original document on HAL open archive server: http://jeannicod.ccsd.cnrs.fr/ijn_00432308/en/
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    Related research

    Keywords: regret; predictive error-signal; decision-weight; addiction; paradoxes of rationality;

    This paper has been announced in the following NEP Reports:

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    1. Kahneman, Daniel & Tversky, Amos, 1979. "Prospect Theory: An Analysis of Decision under Risk," Econometrica, Econometric Society, vol. 47(2), pages 263-91, March.
    2. Sergiu Hart & Andreu Mas-Colell, 2000. "A Simple Adaptive Procedure Leading to Correlated Equilibrium," Econometrica, Econometric Society, vol. 68(5), pages 1127-1150, September.
    3. Leland, Jonathan W. & Grafman, Jordan, 2005. "Experimental tests of the Somatic Marker hypothesis," Games and Economic Behavior, Elsevier, vol. 52(2), pages 386-409, August.
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