Premium
A direct test of the original version of regret theory
Author(s) -
Cagno Daniela Di,
Hey John D.
Publication year - 1988
Publication title -
journal of behavioral decision making
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 1.136
H-Index - 76
eISSN - 1099-0771
pISSN - 0894-3257
DOI - 10.1002/bdm.3960010106
Subject(s) - regret , test (biology) , function (biology) , mathematical economics , key (lock) , psychology , computer science , econometrics , mathematics , statistics , computer security , paleontology , evolutionary biology , biology
This paper reports on a direct experimental test of the original version of Regret Theory using a total of 64 subjects in three groups. The experiment, which was run on PCs, was designed to elicit from subjects' responses the two key elements in this theory: namely the basic utility function, and the regret/rejoicing function. It was also designed to provide a quick direct test of the implications of the theory. We found that the evidence refuted this original version of Regret Theory.