Regret aversion and opportunity dependence

• 成果类型: Article
• 署名作者: Hayashi, Takashi
• 署名单位: University of Texas System; University of Texas Austin
• 刊物名称: JOURNAL OF ECONOMIC THEORY
• ISSN/ISSBN: 0022-0531
• DOI: 10.1016/j.jet.2007.07.001
• 发表日期: 2008
• 页码: 242-268
• 关键词: Regret; opportunity dependence

摘要

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. (C) 2007 Elsevier Inc. All rights reserved.