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Testing for feedback-conditional regret effects using a natural lottery

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Author Info

  • Steven Humphrey

    (CeDEx, School of Economics, University of Nottingham)

  • Paul Mann
  • Chris Starmer

Abstract

We 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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File URL: http://www.nottingham.ac.uk/cedex/documents/papers/2005-07.pdf
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Bibliographic Info

Paper 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.

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Date of creation: May 2005
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Handle: RePEc:not:notcdx:2005-07

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Postal: School of Economics University of Nottingham University Park Nottingham NG7 2RD
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Web page: http://www.nottingham.ac.uk/economics/cedex/
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Keywords: regret theory; outcome feedback; natural lottery; external validity;

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