This year, the Royal Economic Society celebrated the 125th anniversary of its main publication, the Economic Journal, with a special issue that reprinted 13 of the most influential papers published during those 125 years.
Special sessions were organised at the 2015 RES Conference to discuss some of those papers.
One of those papers was co-authored by Warwick Professor of Behavioural Science, Graham Loomes. The special session discussing ‘On and Beyond Regret Theory’ can be viewed at
The description of that session is as follows:
ON AND BEYOND REGRET THEORY
During the 1960s and 1970s, several experimental studies questioned the descriptive status of expected utility theory and also its status as a theory for rational choice in the face of risk. The search for alternative decision models that could accommodate observed risk behaviour produced a few popular alternative models, many of which incorporated insights from experimental economics and psychology. This session is centred around the alternative proposed by Graham Loomes and Robert Sugden in the paper “Regret Theory: An Alternative Theory of Rational Choice Under Uncertainty,” Economic Journal, Vol. 92, No. 368 (Dec., 1982).