Disappointment without prior expectation: a unifying perspective on decision under risk
Author: Delquié, Philippe ; Cillo, AlessandraINSEAD Area: Decision SciencesIn: Journal of Risk and Uncertainty, vol. 33, no. 3, December 2006 Language: EnglishDescription: p. 197-216.Type of document: INSEAD ArticleNote: Please ask us for this itemAbstract: The central idea of Disappointment theory is that an individual forms an expectation about a risky alternative, and may experience disappointment if the outcome eventually obtained falls short of the expectation. We abandon the hypothesis of a well-defined prior expectation: disappointment feelings may arise from comparing the outcome received with any of the gamble's outcomes that the individual failed to get. This leads to a new, general form of Disappointment model. It encompasses Rank Dependent Utility with an explicit one-parameter probability transformation, and Risk-Value models with a generic risk measure including Variance, providing a unifying behavioral foundation for these models| Item type | Current location | Call number | Status | Date due | Barcode | Item holds |
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The central idea of Disappointment theory is that an individual forms an expectation about a risky alternative, and may experience disappointment if the outcome eventually obtained falls short of the expectation. We abandon the hypothesis of a well-defined prior expectation: disappointment feelings may arise from comparing the outcome received with any of the gamble's outcomes that the individual failed to get. This leads to a new, general form of Disappointment model. It encompasses Rank Dependent Utility with an explicit one-parameter probability transformation, and Risk-Value models with a generic risk measure including Variance, providing a unifying behavioral foundation for these models
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