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If at First You Don't Succeed – Then What? Introduction to Escalation Theory
Published in Helga Drummond, Julia Hodgson, Escalation in Decision-Making, 2016
In addition, more recent research suggests beleaguered decision-makers may look forward as well as backwards. Moreover, in looking forward and planning for the future, they may be reluctant to do something they will subsequently regret. Regret is defined as ‘an emotion that we experience when realizing or imagining that our present situation would have been better had we decided differently’ (Wong and Kwong 2007: 545 citing Zeelenberg). For example, we may experience regret if we decide against buying something and then change our minds only to discover price has gone up. It is thought that people are regret averse. We may therefore try to avoid selecting options that might induce regret. Since closing down a business is usually a virtually irreversible step, decision-makers may avoid taking it because of anticipated regret.
Introduction to Decision-Making and Optimization Techniques
Published in Anindya Ghosh, Prithwiraj Mal, Abhijit Majumdar, Advanced Optimization and Decision-Making Techniques in Textile Manufacturing, 2019
Anindya Ghosh, Prithwiraj Mal, Abhijit Majumdar
The minimax criterion is used by the decision maker to minimize the maximum regret. When the decision maker chooses an action, he or she may regret if the chosen action does not yield maximum payoff. Regret is defined as the difference in payoff between the best and chosen actions under a particular state of nature. In other words, regret is the opportunity cost for not choosing the best action for a particular state of nature. From Table 1.1, the regret Table 1.4 has been prepared. The maximum regret is $5, $10, and $4 million for make, buy, and make and buy actions, respectively. As the objective is to minimize the maximum regret, the decision would be to “make and buy gray fabric.”
Decisions and decision-making
Published in Peter Byrne, Risk, Uncertainty and Decision-Making in Property, 2002
A decision-maker may, in the event, regret her choice of action. She may wish that she had done something quite different. Savage (1954) called this experience 'regret' and suggested that a decision-maker should try to minimize his maximum regret. 'Regret' is defined as the difference between the pay-off from the best action and that of any other possible action, given the state of nature. To make a decision based upon this criterion, it is necessary to turn the pay-off table into a table of regret. This is done by subtracting each entry from the largest entry under the same state of nature.
What’s Stopping You from Migrating to Mobile Payment?
Published in International Journal of Human–Computer Interaction, 2022
Dhaarshini Balachandran, Garry Wei-Han Tan, Keng-Boon Ooi, June Wei
Regret theory (RT) is a feeling that arises from a subjective evaluation of the decision or choice an individual made over the alternatives available (Ha, 2018). According to RT, individuals make decisions under an uncertain environment which makes them believe the decision is the right decision at the point of making (Roese et al., 2007). However, at the post-decision stage, the individuals may feel the decision made is not the right decision upon evaluating the information related to their decision. When this happens, individuals will perceive the alternative to be a better option. The regret feeling will often push the individuals to optimise decision behaviour, which will drive them to engage in conduct they believe to be best compared to their current behaviour (García & Curras-Perez, 2019).
How Repurchase Intention Is Affected in Social Commerce?: An Empirical Study
Published in Journal of Computer Information Systems, 2022
Regret is a negative emotion that arises when imagining or realizing that the current situation could have been better if different actions were taken in the past.20 It is a reaction to the difference between the outcomes of a chosen and forgone alternatives.18 The regret theory has been regarded as a perspective to explain decision-making process under uncertainties. This theory mainly describes that choices among alternatives are not only evaluated by assessing the inherent performance of the selected alternative, but also by considering the lost utility of other alternatives decision makers did not select.21,22 As viable competing alternatives inevitably exist in the marketplace, alternative attractiveness can be always perceived by customers. Specifically, when facing alternative attractiveness, customers may consider whether their choice is the optimal one. If they judge that the chosen alternative is not, regret for not having chosen the best alternative may arise. Prior literature has pointed out that such a comparison between the chosen and forgone alternative may influence customer behaviors.18
Factorial Designs for Online Experiments
Published in Technometrics, 2021
Tamar Haizler, David M. Steinberg
Academic research has focused almost entirely on the earn side of the problem, with an emphasis on sequential allocation schemes that improve the expected reward over a large group of T users. The learning goals are still present, but only for their contribution to ultimate expected reward. The summary measure most often studied is regret. The idea is to view the chosen landing page m(t) as the implementation of a policy and to compare the policy’s expected outcome from T users to the outcome achieved by an oracle policy that knows which landing page has the highest expectation. Thus, regret measures the expected reduction in total reward that results from not knowing the best option. Formally,