An Axiomatic Foundation for Regret Theory

Sugden, R. (1993) An Axiomatic Foundation for Regret Theory. Journal of Economic Theory, 60 (1). pp. 159-180. ISSN 0022-0531

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This paper, which extends previous work by Fishburn, presents a set of axioms which imply a form of regret theory. In the case of choice from two acts, these axioms are similar to those from which Savage derived expected utility theory, except that the transitivity axiom is dropped. Some of Savage's other axioms are strengthened, and a new definition of "is as probable as" is used. These axioms are generalized to the case of choice from n acts by making preferences between any two acts contingent on the nature of the other acts in the choice problem. Journal of Economic Literature Classification Number: D81.

Item Type: Article
Faculty \ School: Faculty of Social Sciences > School of Economics
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Depositing User: Pure Connector
Date Deposited: 19 Nov 2013 16:15
Last Modified: 24 Oct 2022 05:04
DOI: 10.1006/jeth.1993.1039

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