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Searching for the "Regret" in "Regret Theory"

Author

Listed:
  • Terry Connolly

    (The Eller College, The University of Arizona)

  • David Butler

    (Department of Economics, The University of Western Australia)

Abstract

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.

Suggested Citation

  • Terry Connolly & David Butler, 2002. "Searching for the "Regret" in "Regret Theory"," Economics Discussion / Working Papers 02-04, The University of Western Australia, Department of Economics.
    • Handle: RePEc:uwa:wpaper:02-04
    as

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    File URL: https://ecompapers.biz.uwa.edu.au/paper/PDF%20of%20Discussion%20Papers/2002/02-04.pdf
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    References listed on IDEAS

    as
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