Regret Theory postulates that choices may be influenced by the chooser's expectation that certain outcomes will be associated with an experience of regret (or, for positive outcomes, rejoicing), and a desire to avoid or experience these emotions. In a laboratory study (N = 50) of student subjects evaluating and actually playing real-money lotteries, we included direct questionnaire measures of their expected emotions for each possible outcome of the lotteries. The emotion measures appear to be reasonably reliable and well-behaved. They did not, however, conform well to specific inter-lottery comparisons postulated by Regret Theory, nor did they contribute much to the prediction of which lottery a subject would prefer.
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Paper provided by The University of Western Australia, Department of Economics in its series Economics Discussion / Working Papers with number
02-04.
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