Testing New Theories of Choice under Uncertainty using the Common Consequence Effect

A generalized common consequence problem is used to contrast the predictions of expected utility theory and several new theories of choice under uncertainty. An experiment designed to test these predictions is reported. Systematic violations of expected utility theory are detected but, although a consistent pattern emerges from the data, it offers little support for any of the new theories. The analysis is extended to test predictions that are unique to regret theory and significant regret effects are detected.