1 / 8

Regret vs. Disappointment theory

Regret vs. Disappointment theory. Pavlo R. Blavatskyy. Disappointment theory. Initial idea: Bell (1985), Loomes and Sugden (1986) Established model: Gul (1991) Prospect based model “Disappointment is a psychological reaction to a choice outcome that does not meet one’s expectation”.

xanti
Télécharger la présentation

Regret vs. Disappointment theory

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. Regret vs. Disappointment theory Pavlo R. Blavatskyy

  2. Disappointment theory • Initial idea: Bell (1985), Loomes and Sugden (1986) • Established model: Gul (1991) • Prospect based model • “Disappointment is a psychological reaction to a choice outcome that does not meet one’s expectation”

  3. Disappointment theory continued • Bell: one’s psychological expectation = EV • Individual is disappointed when an outcome worse than EV occurs

  4. Disappointment theory example • L1 9 with certainty • L2 (0, 0.9 ;100, 0.1) • Value of L2 is likely to be lower than value of L1 • … becauseL2 allows for possibility to receive 0 < EV (L2)

  5. Regret theory • Initial idea: Bell (1982, 83), Loomes and Sugden (1982) • Established model: Loomes and Sugden (1987) • Comparison between a chosen prospect and a foregone prospect • Special case of Fishburn (1988) BSS theory

  6. Regret theorycontinued • Regret is a psychological reaction to a choice of a prospect whose performance is worse than the performance of a foregone prospect

  7. Regret theoryformula • States of the world s1, … , sn

  8. Regret theory example • State s1 (s3) causes regret when L1 (L2) is chosen

More Related