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Regret Minimization in Decision Making: Implications for Choice Modeling and Policy Design

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  • Tian, Qi
  • Zhao, Jinhua

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  • Tian, Qi & Zhao, Jinhua, 2018. "Regret Minimization in Decision Making: Implications for Choice Modeling and Policy Design," 2018 Annual Meeting, August 5-7, Washington, D.C. 274016, Agricultural and Applied Economics Association.
    • Handle: RePEc:ags:aaea18:274016
    DOI: 10.22004/ag.econ.274016
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    3. Quiggin, John, 1994. "Regret Theory with General Choice Sets," Journal of Risk and Uncertainty, Springer, vol. 8(2), pages 153-165, March.
    4. Chorus, Caspar G., 2014. "A Generalized Random Regret Minimization model," Transportation Research Part B: Methodological, Elsevier, vol. 68(C), pages 224-238.
    5. Daniel Kahneman & Jack L. Knetsch & Richard H. Thaler, 1991. "Anomalies: The Endowment Effect, Loss Aversion, and Status Quo Bias," Journal of Economic Perspectives, American Economic Association, vol. 5(1), pages 193-206, Winter.
    6. David E. Bell, 1982. "Regret in Decision Making under Uncertainty," Operations Research, INFORMS, vol. 30(5), pages 961-981, October.
    7. John D. Hey & Chris Orme, 2018. "Investigating Generalizations Of Expected Utility Theory Using Experimental Data," World Scientific Book Chapters, in: Experiments in Economics Decision Making and Markets, chapter 3, pages 63-98, World Scientific Publishing Co. Pte. Ltd..
    8. Hanley, Nick & Adamowicz, Wiktor & Wright, Robert E., 2005. "Price vector effects in choice experiments: an empirical test," Resource and Energy Economics, Elsevier, vol. 27(3), pages 227-234, October.
    9. van Cranenburgh, Sander & Rose, John M. & Chorus, Caspar G., 2018. "On the robustness of efficient experimental designs towards the underlying decision rule," Transportation Research Part A: Policy and Practice, Elsevier, vol. 109(C), pages 50-64.
    10. Tversky, Amos & Kahneman, Daniel, 1986. "Rational Choice and the Framing of Decisions," The Journal of Business, University of Chicago Press, vol. 59(4), pages 251-278, October.
    11. Boeri, Marco & Scarpa, Riccardo & Chorus, Caspar G., 2014. "Stated choices and benefit estimates in the context of traffic calming schemes: Utility maximization, regret minimization, or both?," Transportation Research Part A: Policy and Practice, Elsevier, vol. 61(C), pages 121-135.
    12. van Cranenburgh, Sander & Guevara, Cristian Angelo & Chorus, Caspar G., 2015. "New insights on random regret minimization models," Transportation Research Part A: Policy and Practice, Elsevier, vol. 74(C), pages 91-109.
    13. Loomes, Graham & Sugden, Robert, 1983. "A Rationale for Preference Reversal," American Economic Review, American Economic Association, vol. 73(3), pages 428-432, June.
    14. Daniel Kahneman & Amos Tversky, 2013. "Prospect Theory: An Analysis of Decision Under Risk," World Scientific Book Chapters, in: Leonard C MacLean & William T Ziemba (ed.), HANDBOOK OF THE FUNDAMENTALS OF FINANCIAL DECISION MAKING Part I, chapter 6, pages 99-127, World Scientific Publishing Co. Pte. Ltd..
    15. Amos Tversky & Daniel Kahneman, 1991. "Loss Aversion in Riskless Choice: A Reference-Dependent Model," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 106(4), pages 1039-1061.
    16. Chris Starmer, 2000. "Developments in Non-expected Utility Theory: The Hunt for a Descriptive Theory of Choice under Risk," Journal of Economic Literature, American Economic Association, vol. 38(2), pages 332-382, June.
    17. Loomes, Graham & Sugden, Robert, 1982. "Regret Theory: An Alternative Theory of Rational Choice under Uncertainty," Economic Journal, Royal Economic Society, vol. 92(368), pages 805-824, December.
    18. Machina, Mark J, 1987. "Choice under Uncertainty: Problems Solved and Unsolved," Journal of Economic Perspectives, American Economic Association, vol. 1(1), pages 121-154, Summer.
    19. Loomes, Graham & Sugden, Robert, 1987. "Some implications of a more general form of regret theory," Journal of Economic Theory, Elsevier, vol. 41(2), pages 270-287, April.
    20. Chorus, Caspar G. & Arentze, Theo A. & Timmermans, Harry J.P., 2008. "A Random Regret-Minimization model of travel choice," Transportation Research Part B: Methodological, Elsevier, vol. 42(1), pages 1-18, January.
    21. Caputo, Vincenzina & Lusk, Jayson L. & Nayga, Rodolfo M., 2018. "Choice experiments are not conducted in a vacuum: The effects of external price information on choice behavior," Journal of Economic Behavior & Organization, Elsevier, vol. 145(C), pages 335-351.
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    Keywords

    Environmental and Nonmarket Valuation; Resource and Environmental Policy Analysis; Natural Resource Economics;
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