A comparison of regret theory and salience theory for decisions under risk

被引:20
|
作者
Herweg, Fabian [1 ,2 ]
Mueller, Daniel [3 ]
机构
[1] Univ Bayreuth, Univ Str 30, D-95440 Bayreuth, Germany
[2] CESifo, Fac Law Business & Econ, Univ Str 30, D-95440 Bayreuth, Germany
[3] Univ Wurzburg, Fac Econ, Sanderring 2, D-97070 Wurzburg, Germany
关键词
Choice under risk; Regret theory; Salience theory; PROSPECT-THEORY; CHOICE; DISAPPOINTMENT; AVERSION;
D O I
10.1016/j.jet.2021.105226
中图分类号
F [经济];
学科分类号
02 ;
摘要
Two non-transitive theories to model decision making under risk are regret theory (Loomes and Sugden, 1982, 1987) and salience theory (Bordalo et al., 2012). While the psychological underpinning of these two approaches is different, the models share the assumption that within-state comparisons of outcomes across choice options are a key determinant of choice behavior. We investigate the overlap between these theories and show that original regret theory (Loomes and Sugden, 1982) is a special case of salience theory (Bordalo et al., 2012), which itself is a special case of generalized regret theory (Loomes and Sugden, 1987). ? 2021 Elsevier Inc. All rights reserved.
引用
收藏
页数:19
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