Testing for feedback-conditional regret effects using a natural lottery

Steven Humphrey, Paul Mann and Chris Starmer
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Steven Humphrey: CeDEx, School of Economics, University of Nottingham

No 2005-07, Discussion Papers from The Centre for Decision Research and Experimental Economics, School of Economics, University of Nottingham

Abstract: We report the results of an experimental test for feedback-conditional regret effects using a naturally occurring gamble. The properties of this gamble are likely to engage decision-makers to a greater extent than conventional abstract laboratory gambles, and be more generally exhibited by real world objects of choice. We argue that this conveys a higher than typical degree of external validity on our findings. We observe that feedback on the outcome of foregone choices enhances the salience of regret as a decision motive.

Keywords: regret theory; outcome feedback; natural lottery; external validity (search for similar items in EconPapers)
JEL-codes: C91 D81 (search for similar items in EconPapers)
Date: 2005-05
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Citations: View citations in EconPapers (1)

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