December 21, 2015, by Suzanne
Regret Theory: Looking Back, Looking Forward
In 1982, the Economic Journal published a paper by Graham Loomes and Robert Sugden proposing an alternative theory of rational choice under uncertainty called regret theory. A special anniversary session discussed the history of the theory, its success relative to other approaches, its applications and empirical evidence. In this video clip NIBS Co-Investigator, Robert Sugden, talks to Mark Thoma about his work. The Economic Journal 125th Special Anniversary Edition is available online (Volume 125, Issue 583, pages 203–208, March 2015).
As part of the special anniversary edition, Graham Loomes and Robert Sugden presented at the Royal Economic Society’s Conference (March 2015) which took place at the University of Manchester. The video of the session (including slide presentations) is available here. Bob’s presentation on The History of ‘Regret Theory’ starts at 02:00 and Graham’s presentation entitled ‘Beyond Regret’ starts at 54:00.