Bell's recent paper (Bell, D. E. 1983. Risk premiums for decision regret. Management Sci. 29 1156--1166.) in this journal provides useful foundations for the regret approach to decision theory. This work is all the more important because regret, that is, the pain of having chosen incorrectly, is one of the few radical departures from the conceptual framework of the ubiquitous expected utility model and its variants. Despite providing many of the parametric accoutrements deemed necessary for the acceptance of a model he has not, I believe, proposed a test which is the most appropriate to establish the validity of regret.
Volume (Year): 31 (1985)
Issue (Month): 1 (January)
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