Minimizing regret in dynamic decision problems

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Theory and Decision 81 (1):123-151 (2016)
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Abstract

The menu-dependent nature of regret-minimization creates subtleties when it is applied to dynamic decision problems. It is not clear whether forgone opportunities should be included in the menu. We explain commonly observed behavioral patterns as minimizing regret when forgone opportunities are present. If forgone opportunities are included, we can characterize when a form of dynamic consistency is guaranteed.

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10.1007/s11238-015-9526-8

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Joseph Y. Halpern
Cornell University

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