Dynamic choice with anticipated regret
نویسنده
چکیده
This paper provides an axiomatic model of dynamic choice in which the decision maker is driven by anticipated ex-post regret. In the presence of dynamic inconsistency problem due to both arrival of new information and changing choice opportunities, we characterize a sophisticated behavior that plays backward induction. Moreover, we characterize consistent belief updating, which rules out the inconsistency due to arrival of new information and highlights the significance of inconsistency due to changing opportunities.
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