The Harless-Camerer (HC), Hey-Orme (HO), and random preference (RP) models of stochastic variation in choice under uncertainty are compared. Implications of these models, including some that are independent of the deterministic theory with which they are combined, are tested in an experiment in...

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...