Generalized Disappointment Models |
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| Authors: | Jia Jianmin Dyer James S Butler John C |
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| Institution: | (1) Department of Marketing, Faculty of Business Administration, The Chinese University of Hong Kong, Shatin, N.T., Hong Kong;(2) Department of Management Science and Information Systems, The Graduate School of Business, University of Texas at Austin, Austin, TX, 78712;(3) Department of Accounting and MIS, Fisher College of Business, The Ohio State University, Columbus, OH, 43210 |
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| Abstract: |  Blessed is he who expects nothing, for he shall never be disappointed —Benjamin FranklinBased on our risk-value framework, this paper presents extensions for the disappointment models that were originally proposed by Bell (1985) and Loomes and Sugden (1986). We provide explicit functional forms for modeling the effect of disappointment on risky choice behavior that generalizes Bell's work and lends tractability to the efforts of Loomes and Sugden. Our generalized disappointment models can explain a number of decision paradoxes, and offer additional insights into nonexpected utility preferences based on the intuitive notions of disappointment and risk-value tradeoffs. |
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| Keywords: | nonexpected utility risk-value models disappointment |
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