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Working paper
Regret theory and risk attitudes
In: Journal of risk and uncertainty, Band 55, Heft 2-3, S. 147-175
ISSN: 1573-0476
Regret theory and policy reform∗
In: The journal of policy reform, Band 2, Heft 3, S. 269-280
ISSN: 1477-2736
Regret theory with general choice sets
In: Journal of risk and uncertainty, Band 8, Heft 2, S. 153-165
ISSN: 1573-0476
Regret Theory and Information: A Note
In: The Economic Journal, Band 94, Heft 375, S. 645
Regret Theory and Information: A Reply
In: The Economic Journal, Band 94, Heft 375, S. 649
Auctions with Anticipated Regret: Theory and Experiment
In: American economic review, Band 97, Heft 4, S. 1407-1418
ISSN: 1944-7981
This paper demonstrates theoretically and experimentally that in first-price auctions overbidding with respect to the risk neutral Nash equilibrium might be driven from anticipated loser regret (felt when bidders lose at an affordable price). Different information structures are created to elicit regret: bidders know they will learn the winning bid if they lose (loser regret condition); or the second-highest bid if they win (winner regret condition); or they will receive no feedback regarding the other bids. Bidders in loser regret condition anticipated regret and significantly overbid. However, bidders in the winner regret condition did not anticipate regret. (JEL D44)
Regret Theory: An Alternative Theory of Rational Choice Under Uncertainty
In: The Economic Journal, Band 92, Heft 368, S. 805
Hedging and the regret theory of the firm
In: Decisions in economics and finance: a journal of applied mathematics, Band 47, Heft 1, S. 259-273
ISSN: 1129-6569, 2385-2658
AbstractThis paper examines the production and hedging decisions of the competitive firm under price uncertainty when the firm is not only risk averse but also regret averse. Regret-averse preferences are characterized by a modified utility function that includes disutility from having chosen ex post suboptimal alternatives. The extent of regret depends on the difference between the actual profit and the maximum profit attained by making the optimal production, and hedging decisions had the firm observed the true realization of the random output price. While the separation theorem holds under regret aversion, the prevalence of hedging opportunities may have perverse effect on the firm's optimal output level, particularly when the firm is sufficiently regret averse. The full-hedging theorem, however, does not hold. We derive sufficient conditions under which the regret-averse firm's optimal futures position is an under-hedge (over-hedge). We further show that the firm optimally increases (decreases) its futures position when the price risk possesses more positive (negative) skewness.
Regret Theory: A Bold Alternative to the Alternatives
In: The economic journal: the journal of the Royal Economic Society, Band 125, Heft 583, S. 493-532
ISSN: 1468-0297
Hedging and the regret theory of the competitive firm
In: CEPIE working paper no. 19, 05
This paper examines the production and hedging decisions of the competitive firm under price uncertainty when the firm is not only risk averse but also regret averse. Regret-averse preferences are characterized by a modified utility function that includes disutility from having chosen ex-post suboptimal alternatives. The extent of regret depends on the difference between the actual profit and the maximum profit attained by making the optimal production and hedging decisions had the firm observed the true realization of the random output price. While the separation theorem holds under regret aversion, the prevalence of hedging opportunities may have perverse effect on the firm's optimal output level, particularly when the firm is sufficiently regret averse. The full-hedging theorem, however, does not hold. We derive sufficient conditions under which the regret-averse firm's optimal futures position is an under-hedge (over-hedge). We further show that the firm optimally increases (decreases) its futures position when the price risk possesses more positive (negative) skewness.
Are Preferences Monotonic? Testing Some Predictions of Regret Theory
In: Economica, Band 59, Heft 233, S. 17
A Comparison of Regret Theory and Salience Theory for Decisions under Risk
In: CESifo Working Paper No. 7445
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Working paper
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A Preference Disaggregation-Driven Multiple Criteria Sorting Model Based on Regret Theory
In: OMEGA-D-23-01558
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