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Testing for feedback-conditional regret effects using a natural lottery

  • Steven Humphrey

    (CeDEx, School of Economics, University of Nottingham)

  • Paul Mann
  • Chris Starmer

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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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
Contact details of provider: 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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  1. Huck, Steffen & Weizsacker, Georg, 1999. "Risk, complexity, and deviations from expected-value maximization: Results of a lottery choice experiment," Journal of Economic Psychology, Elsevier, vol. 20(6), pages 699-715, December.
  2. Humphrey, Steven J., 2004. "Feedback-conditional regret theory and testing regret-aversion in risky choice," Journal of Economic Psychology, Elsevier, vol. 25(6), pages 839-857, December.
  3. Samuelson, William & Zeckhauser, Richard, 1988. " Status Quo Bias in Decision Making," Journal of Risk and Uncertainty, Springer, vol. 1(1), pages 7-59, March.
  4. Simonson, Itamar, 1992. " The Influence of Anticipating Regret and Responsibility on Purchase Decisions," Journal of Consumer Research, University of Chicago Press, vol. 19(1), pages 105-18, June.
  5. 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.
  6. repec:ner:tilbur:urn:nbn:nl:ui:12-80656 is not listed on IDEAS
  7. Starmer, Chris & Sugden, Robert, 1993. " Testing for Juxtaposition and Event-Splitting Effects," Journal of Risk and Uncertainty, Springer, vol. 6(3), pages 235-54, June.
  8. Ian H. Langford & Ian J. Bateman & Andrew P. Jones & Hugh D. Langford & Stavros Georgiou, 1998. "Improved Estimation of Willingness to Pay in Dichotomous Choice Contingent Valuation Studies," Land Economics, University of Wisconsin Press, vol. 74(1), pages 65-75.
  9. Loomes, Graham & Sugden, Robert, 1982. "Regret Theory: An Alternative Theory of Rational Choice under Uncertainty," Economic Journal, Royal Economic Society, vol. 92(368), pages 805-24, December.
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