Journal of Risk and Uncertainty

, Volume 11, Issue 3, pp 263–274 | Cite as

Regret aversion or event-splitting effects? more evidence under risk and uncertainty

  • Steven J. Humphrey


Recent experimental evidence has concluded that experimentally observed juxtaposition effects, as predicted by regret theory1, are largely attributable to “event-splitting effects” (ESEs) whereby the subjective decision weight attached to an outcome depends on the number of, as well as on the combined probability of, the disjoint events in which that outcome occurs. An experiment is reported that discriminates between juxtaposition effects and ESEs under conditions of both complete and incomplete information. The results confirm that juxtaposition effects are indeed largely due to ESEs and are robust over different informational conditions.

Key words

regret theory juxtaposition effects event-splitting effects anchoring effects 


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Copyright information

© Kluwer Academic Publishers 1995

Authors and Affiliations

  • Steven J. Humphrey
    • 1
  1. 1.Department of EconomicsUniversity of NottinghamUK

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