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In two previously reported experiments, Graham Loomes, Chris Starmer, and Robert Sugden have found that choices are systematically nontransitive, following a pattern of 'cycling asymmetry' predicted by regret theory. However, there are other potential explanations for these observations. This...
Persistent link: https://www.econbiz.de/10005284416
In this paper, the authors demonstrate that the assumption of "regret aversion," which has been invoked in regret theory to explain several well-documented violations of expected utility theory, also implies the existence of strict preferences between some stochastically equivalent actions and...
Persistent link: https://www.econbiz.de/10005195490