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BEGIN:VEVENT
DTSTAMP:20260626T112338Z
DTSTART;VALUE=DATE-TIME:20120301T143000
DTEND;VALUE=DATE-TIME:20120301T155000
SUMMARY:DR@W Forum - Stephen Lovelady (Department of Economics\, Universi
 ty of ĚÇĐÄTV)
TZID:Europe/London
UID:20120301-8a1785d77b065d9b017b5dc5cb4b1e9a@warwick.ac.uk
CREATED:20111223T125725Z
DESCRIPTION:Stephen Lovelady (Department of Economics\, University of War
 wick) A Simple Experiment on the Effects of Experienced Regret and Conte
 xt (joint work with Daniel Sgroi) Recent research has indicated a signif
 icant role for both the anticipation and experience of regret on decisio
 n making under uncertainty and risk. Experimental studies have shown tha
 t this effect is “context dependent”\, in that it depends on such things
  as whether or not an option can be considered the “status quo”\, whethe
 r or not there is an option which will be chosen by “inaction” and the d
 egree of “responsibility” an individual feels for the outcome of their a
 ctions. In this experiment\, we construct the simplest possible environm
 ent in which to examine regret\, of a two option gambling scenario\, whe
 re dice rolls decide the payoffs for each gamble. We then examine the su
 bsequent behaviour of participants who lost their first gamble\, and “re
 gret” not choosing the other option\, by asking them to choose between a
 nother two gambles. We manipulate the context of the second stage gamble
 s\, simply through “labelling” one option either to be similar to the on
 e which caused regret in stage one (treatment group)\, or different by c
 hanging the names and how many dice are used to resolve the gambles (con
 trol group)\, holding constant the payoffs and probabilities. We show th
 at this slight change in context is sufficient to generate significant d
 ifferences in behaviour\, between the control and treatment groups\, but
  only in cases where there was an experience of regret at the first stag
 e. Hence\, the effect of experienced regret on subsequent behaviour is d
 ependent on very arbitrary aspects of the choice which caused the regret
 \, such as the label of the option which was chosen. It is possible to “
 remind” the decision maker of the experience of regret\, by simply re-us
 ing the same label at another decision point\, and induce a change in be
 haviour. However\, we find the direction of this change in behaviour is 
 opposite to what is predicted by most intuition about the effects of reg
 ret. Poster-March-1-2012
LOCATION:Library 3rd Floor Extension (Wolfson Research Exchange Area) - S
 eminar Room 1
CATEGORIES:Draw Forum
LAST-MODIFIED:20210819T093724Z
ORGANIZER;CN=Ganna Pogrebna:
END:VEVENT
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