Testing for Regret and Disappointment in Choice Under Uncertainty

Much of the experimental evidence concerning violations of von Neumann-Morgenstern expected utility theory has been collected fr om experiments designed with conventional theory in mind and does not provide direct tests of alternative models such as regret theory and disappointment theory. This paper reports and discusses recent evidence produced by an exp erimentspe cifically designed to test for the impacts of regret and disappointment, and to indicate their relative importance.