Regret aversion and opportunity dependence

Hayashi, T. (2008) Regret aversion and opportunity dependence. Journal of Economic Theory, 139(1), pp. 242-268. (doi: 10.1016/j.jet.2007.07.001)

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This paper provides an axiomatic model of decision making under uncertainty in which the decision maker is driven by anticipated ex post regrets. Our model allows both regret aversion and likelihood judgement over states to coexist. Also, we characterize two special cases, minimax regret with multiple priors that generalizes Savage's minimax regret, and a smooth model of regret aversion.

Item Type:Articles
Glasgow Author(s) Enlighten ID:Hayashi, Professor Takashi
Authors: Hayashi, T.
College/School:College of Social Sciences > Adam Smith Business School > Economics
Journal Name:Journal of Economic Theory
Published Online:16 July 2007

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