Testing for feedback-conditional regret effects using a natural lottery
AbstractWe report the results of an experimental test for feedback-conditional regret effects using a naturally occurring gamble. The properties of this gamble are likely to engage decision-makers to a greater extent than conventional abstract laboratory gambles, and be more generally exhibited by real world objects of choice. We argue that this conveys a higher than typical degree of external validity on our findings. We observe that feedback on the outcome of foregone choices enhances the salience of regret as a decision motive.
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Bibliographic InfoPaper provided by The Centre for Decision Research and Experimental Economics, School of Economics, University of Nottingham in its series Discussion Papers with number 2005-07.
Date of creation: May 2005
Date of revision:
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regret theory; outcome feedback; natural lottery; external validity;
Find related papers by JEL classification:
- D81 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Criteria for Decision-Making under Risk and Uncertainty
- C91 - Mathematical and Quantitative Methods - - Design of Experiments - - - Laboratory, Individual Behavior
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