Title: "Generalized disappointment models"
Authors: Jianmin Jia Chinese University of Hong Kong, James Dyer and John Butler University of Texas
Date: September 1997
Status: submitted to Operations Research

Based on our risk-value framework, this paper presents generalizations and extensions for the disappointment models that were proposed by Bell (1985) and Loomes and Sugden (1986). We provide explicit functional forms for modeling the effect of disappointment on risky choice behavior. 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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