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Cited by 1,257

The DOI matches its Crossref record; 2 of the 2 references it cites were found in a registry or an index.

Disappointment in Decision Making Under Uncertainty

Bell, David E.·1985·Operations Research
DOI 10.1287/opre.33.1.1
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Abstract

Decision analysis requires that two equally desirable consequences should have the same utility and vice versa. Most analyses of financial decision making presume that two consequences with the same dollar outcome will be equally preferred However, winning the top prize of $10,000 in a lottery may leave one much happier than receiving $10,000 as the lowest prize in a lottery. This paper explores the implications of disappointment, a psychological reaction caused by comparing the actual outcome of a lottery to one's prior expectations, for decision making under uncertainty. Explicit recognition that decision makers may be paying a premium to avoid potential disappointment provides an interpretation for some known behavioral paradoxes, and suggests that decision makers may be sensitive to the manner in which a lottery is resolved. The concept of disappointment is integrated into utility theory in a prescriptive model.

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Metadata

Authors
Bell, D. E.
Venue
Operations Research
Publisher
Institute for Operations Research and the Management Sciences (INFORMS)
Published
1985-02
Volume
33
Issue
1
Pages
1-27
ISSN
  • 0030-364X (ISSN-L)
  • 1526-5463
DOI
10.1287/opre.33.1.1
OpenAlex
W2145825528
Cited by
1,257
References
2
FWCI
6.55
Type
journal article
Language
en
Open access
closed

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Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).

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