A direct test of the original version of regret theory

This paper reports on a direct experimental test of the original version of Regret Theory using a total of 64 subjects in three groups. The experiment, which was run on PCs, was designed to elicit from subjects' responses the two key elements in this theory: namely the basic utility function, and the regret/rejoicing function. It was also designed to provide a quick direct test of the implications of the theory. We found that the evidence refuted this original version of Regret Theory.