regret theory

a model of decision making that states that people’s fear of, and previous experience with, regretting poor choices plays a large role in motivating or deterring their behavior in situations involving uncertainty. For example, a person who regrets buying, on the advice of a good friend, a used car that subsequently requires expensive repairs likely will disregard the friend’s advice in the future in order to avoid the potential for similar regret. Within this framework, regret is considered to have two distinct components—the wish that one had chosen differently and the self-recrimination involved in believing one made an error in judgment. Associated with behavioral economics, regret theory is a parallel to prospect theory. See also anticipatory regret. [originally proposed in 1982 by British economists Graham C. Loomes (1950– ) and Robert Sugden (1949– )]

Browse dictionary by letter

a b c d e f g h i j k l m n o p q r s t u v w x y z

Psychology term of the day

November 28th 2024

cocaine withdrawal

in DSM–IV–TR, a characteristic withdrawal syndrome that develops after cessation of (or reduction in) prolonged, heavy consumption of cocaine. The essential characteristic is depressed mood, sometimes severe, and there may also be fatigue, disturbed sleep, increased appetite, vivid and unpleasant dreams, or psychomotor retardation or agitation, or all of these features. Marked withdrawal symptoms (see crash) often follow an episode of intense, high-dose use. The equivalent term in DSM–5 is stimulant withdrawal. See also substance withdrawal.