at Google ScholarTitle data
Herweg, Fabian ; Müller, Daniel:
A comparison of regret theory and salience theory for decisions under risk.
In: Journal of Economic Theory.
Vol. 193
(2021)
.
- 105226.
ISSN 0022-0531
DOI: https://doi.org/10.1016/j.jet.2021.105226
Abstract in another language
Two non-transitive theories to model decision making under risk are regret theory (Loomes and Sugden, 1982, Loomes and Sugden, 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).
Further data
| Item Type: | Article in a journal |
|---|---|
| Refereed: | Yes |
| Keywords: | Choice under risk; Regret theory; Salience theory |
| Subject classification: | JEL classification D81 D91 |
| Institutions of the University: | Faculties > Faculty of Law, Business and Economics > Department of Economics > Chair Economics VIII: International Competition Policy > Chair Economics VIII: International Competition Policy - Univ.-Prof. Dr. Fabian Herweg Faculties Faculties > Faculty of Law, Business and Economics Faculties > Faculty of Law, Business and Economics > Department of Economics Faculties > Faculty of Law, Business and Economics > Department of Economics > Chair Economics VIII: International Competition Policy |
| Result of work at the UBT: | Yes |
| DDC Subjects: | 300 Social sciences 300 Social sciences > 330 Economics |
| Date Deposited: | 10 Mar 2021 08:24 |
| Last Modified: | 14 Mar 2024 14:33 |
| URI: | https://eref.uni-bayreuth.de/id/eprint/63829 |