EconPapers    
Economics at your fingertips  
 

Choice overload and asymmetric regret

Gökhan Buturak () and Ozgur Evren
Additional contact information
Gökhan Buturak: Freelance Researcher (PhD, Stockholm School of Economics)

Theoretical Economics, 2017, vol. 12, issue 3

Abstract: We propose a model of "choice overload" which refers to a stronger tendency to select the default option in larger choice problems. Our main finding is a behavioral characterization of an asymmetric regret representation that depicts a decision maker who does not consider the possibility of experiencing regret for choosing the default option. By contrast, the value of ordinary alternatives is subject to regret. The calculus of regret for ordinary alternatives is identical to that in Sarver's (2008) anticipated regret model, despite the fact that the primitives of the two theories are different. Our model can also be applied to choice problems with the option to defer the decision.

Keywords: Choice overload; anticipated regret; subjective states; choice deferral (search for similar items in EconPapers)
JEL-codes: D11 D81 (search for similar items in EconPapers)
Date: 2017-09-26
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (2) Track citations by RSS feed

Downloads: (external link)
http://econtheory.org/ojs/index.php/te/article/viewFile/20171029/18835/554 (application/pdf)

Related works:
Working Paper: Choice Overload and Asymmetric Regret (2016) Downloads
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:the:publsh:2037

Access Statistics for this article

Theoretical Economics is currently edited by Simon Board, Federico Echenique, Thomas Mariotti, Florian Scheuer, Ran Spiegler

More articles in Theoretical Economics from Econometric Society
Bibliographic data for series maintained by Martin J. Osborne ().

 
Page updated 2019-10-05
Handle: RePEc:the:publsh:2037