A5089846168- Decision-Making and Behavioral Economics
- Economic and Environmental Valuation
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University of Warwick
2014-2024
Norwich University
2006-2015
University of Birmingham
2011
University of East Anglia
1997-2010
University of Nottingham
2003
Newcastle University
1981-2001
University of Newcastle Australia
1982-1998
University of York
1986-1997
University of Bath
1989
Journal Article Regret Theory: An Alternative Theory of Rational Choice Under Uncertainty Get access Graham Loomes, Loomes University Newcastle Search for other works by this author on: Oxford Academic Google Scholar Robert Sugden The Economic Journal, Volume 92, Issue 368, 1 December 1982, Pages 805–824, https://doi.org/10.2307/2232669 Published: 01 1982
The central proposition of disappointment theory is that an individual forms expectations about uncertain prospects, and if the actual consequence turns out to be worse than (or better than) expectation, experiences a sensation elation) generating decrement increment) utility which modifies basic derived from consequence. By incorporating simple disappointment-elation function into model choice, many observed violations conventional expected axioms—including Savage's sure-thing principle...
Plott and Zeiler (2005) report that the willingness-to-pay/willingness-to-accept disparity is absent for mugs in a particular experimental setting, designed to neutralize misconceptions about procedures used elicit valuations. This result has received sustained attention literature. However, other data from same study, not published paper, exhibit significant persistent when are applied lotteries. We new confirming both results, thereby suggesting presence or absence of may be more complex...
The Economics of Uncertainty and Information may be used in conjunction with Loffont's Fundamentals an advanced course microeconomics. Both texts provide a thorough account modern thinking on the subject wealth carefully chosen examples problems.The first four chapters summarize essential tools analysis uncertainty information: theory individual behavior under uncertainty, measures risk aversion risk, notions certainty equivalence information structure. Subsequent introduce contingent...
Objectives To identify characteristics of beneficiaries health care over which relative weights should be derived and to estimate attached gains according recipients these (relativities study); assess the feasibility estimating a willingness-to-pay (WTP)-based value quality-adjusted life-year (QALY) (valuation study). Design Two interview-based surveys were administered – one (for relativities study) nationally representative sample population in England other valuation smaller convenience...
Much of the experimental evidence concerning violations von Neumann-Morgenstern expected utility theory has been collected fr om experiments designed with conventional in mind and does not provide direct tests alternative models such as regret disappointment theory. This paper reports discusses recent produced by an exp erimentspe cifically to test for impacts disappointment, indicate their relative importance. Copyright 1987 Royal Economic Society.
The preference reversal phenomenon is usually interpreted as evidence of nontransitivity preference, but has also been explained the result difference between individuals' responses to choice and valuation problems; devices used by experimenters elicit valuations; random lottery selection incentive system. This paper reports an experiment designed so that none these factors could generate systematic nontransitivities; yet violations transitivity were still found. pattern violation was...
The Harless–Camerer (HC), Hey–Orme (HO) and random preference (RP) models of stochastic variation in choice under uncertainty are compared. Implications these models, including some that independent the deterministic theory with which they combined, tested an experiment participants respond to decision problems twice. HC model generally performs poorly; HO predicts more violations dominance than observed; while RP fails account for those few do occur. Additional regularities observed...
Journal Article VALUING THE PREVENTION OF NON-FATAL ROAD INJURIES: CONTINGENT VALUATION VS . STANDARD GAMBLES Get access MICHAEL W. JONES-LEE, JONES-LEE *Department of Economics, University Newcastle upon TyneNE1 7RU Search for other works by this author on: Oxford Academic Google Scholar GRAHAM LOOMES, LOOMES †University York P. R. PHILIPS Economic Papers, Volume 47, Issue 4, October 1995, Pages 676–695, https://doi.org/10.1093/oxfordjournals.oep.a042193 Published: 01 1995
A preliminary experimental study of the relative impact regret and disappointment on individual choice under uncert ainty is followed up extended in various ways. Taken conjuncti with earlier work, new results provide further evidence limitations von Neumann-Morgenstern expected utility theory a nd indicate potential power alternative models discussed. It argued that there sufficient weight to encourage systematic investigation. Copyright 1988 by The London School Economics Political Science.