Regret and its avoidance: a neuroimaging study of choice behavior

Coricelli, Giorgio; Critchley, Hugo; Joffily, Mateus; O’Doherty, John P.; Sirigu, Angela; Dolan, Raymond J.

doi:10.1038/nn1514

Cited by 570 publications

(617 citation statements)

References 46 publications

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“…Camille et al (2004) and Coricelli et al (2005), using the same experimental paradigm in an fMRI study, show that the orbitofrontal cortex has a fundamental role in experiencing regret and integrating cognitive and emotional components of the entire process of decision-making. Across repetition of this task, participants tend to become regret aversive.…”

Section: Testing the Regret Explanation Of Allaisian Behaviourmentioning

confidence: 96%

Regret and the rationality of choices

Bourgeois‐Gironde

2010

Phil. Trans. R. Soc. B

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Regret helps to optimize decision behaviour. It can be defined as a rational emotion. Several recent neurobiological studies have confirmed the interface between emotion and cognition at which regret is located and documented its role in decision behaviour. These data give credibility to the incorporation of regret in decision theory that had been proposed by economists in the 1980s. However, finer distinctions are required in order to get a better grasp of how regret and behaviour influence each other. Regret can be defined as a predictive error signal but this signal does not necessarily transpose into a decision-weight influencing behaviour. Clinical studies on several types of patients show that the processing of an error signal and its influence on subsequent behaviour can be dissociated. We propose a general understanding of how regret and decision-making are connected in terms of regret being modulated by rational antecedents of choice. Regret and the modification of behaviour on its basis will depend on the criteria of rationality involved in decision-making. We indicate current and prospective lines of research in order to refine our views on how regret contributes to optimal decision-making.

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Section: Testing the Regret Explanation Of Allaisian Behaviourmentioning

confidence: 96%

Regret and the rationality of choices

Bourgeois‐Gironde

2010

Phil. Trans. R. Soc. B

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“…The other areas associated with regret but not with rejoice included the right angular gyrus, left superior frontal cortex, and the medial orbitofrontal cortex. In a previous study of regret using monetary outcomes, the medial orbitofrontal cortex was implicated in the experience of regret (Coricelli et al, 2005). This study also found that the presence of regret activated the inferior parietal lobule, a region that partially overlapped the area of regret-related activity we observed in the angular gyrus.…”

Section: Regret and Rejoicingsupporting

confidence: 81%

“…A few neuroeconomic studies have investigated the neural correlates of regret when payoffs are monetary (Coricelli et al, 2005;Lohrenz, McCabe, Camerer, & Montague, 2007). These studies find that activity in the medial orbitofrontal cortex (OFC), anterior cingulate cortex (ACC), and right hippocampus is positively correlated with the magnitude of financial regret.…”

Section: Regret and Rejoicingmentioning

confidence: 99%

“…The medial orbitofrontal cortex has been implicated previously in studies of regret (Coricelli et al, 2005;Liu et al, 2007), while the rostral anterior cingulate has been previously implicated in emotional and error processing (Bush et al 2000). Thus the rostral anterior cingulate area which is caudal to medial orbitofrontal cortex may be responsible for the emotional processes related to rejoicing (i.e., pleasure related) and suggests the possibility of a rostral-caudal gradient of different aspects of processing regret similar to that seen in the caudate for reward-prediction errors (Haruno & Kawato, 2006).…”

Section: Regret and Rejoicingmentioning

confidence: 99%

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Three studies on the neuroeconomics of decision-making when payoffs are real and negative

Berns¹,

Capra²,

Moore³

et al.

Neuroeconomics

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Purpose-We summarize three previous neuroeconomic studies with two features that distinguish them from most others in experimental economics: (1) the use of physical pain to induce incentives and (2) acquisition of data on brain activation levels. By correlating behavior when payoffs are painful with brain activation, we are able to test for the neurobiological relevance of important phenomena previously observed in experimental studies that are at odds with classical economic theories of decision-making. These specific phenomena are (a) negative discounting of future payoffs; (b) nonlinear probability weighting; (c) the experience of regret and rejoice when making a decision under risk.Methodology/approach-The expectation of pain is created through the use of mild electric shocks to the top of the foot. Pain confers disutility, so decisions are made in the domain of losses relative to the status quo. Simultaneous with these decisions, brain activation data is acquired through functional magnetic resonance imaging (fMRI).Findings-We find evidence for negative time discounting of electric shocks. Participants who exhibited the most extreme forms of this discounting were distinguished by early and robust activation of a subset of the cortical pain matrix. We also find evidence for probability weighting in the domain of electric shocks, which is manifest at the neural level. We find evidence both behaviorally and neurally for regret and rejoice functions for painful outcomes.Originality/value of chapter-Previous experimental economic studies in the domain of losses have typically used monetary rewards. Here, we report behavioral effects and neural correlates using pain.

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“…There is much empirical evidence for this behavioural premise. Take for example Coricelli et al (2005) who, using neuroimaging techniques, show that the area of the human brain that is active when decision-makers experience regret after having made a (poor) choice, is also highly active split seconds before they make a choice. In their words "anticipating regret is a powerful predictor of future choices".…”

Section: Introductionmentioning

confidence: 99%

Random Regret Minimization: Exploration of a New Choice Model for Environmental and Resource Economics

Thiene

Boeri

Chorus

2011

Environ Resource Econ

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This paper introduces the discrete choice model-paradigm of Random Regret Minimization (RRM) to the field of environmental and resource economics. The RRMapproach has been very recently developed in the context of travel demand modelling and presents a tractable, regret-based alternative to the dominant choice-modelling paradigm based on Random Utility Maximization-theory (RUM-theory). We highlight how RRM-based models provide closed form, logit-type formulations for choice probabilities that allow for capturing semi-compensatory behaviour and choice setcomposition effects while being equally parsimonious as their utilitarian counterparts.Using data from a Stated Choice-experiment aimed at identifying valuations of characteristics of nature parks, we compare RRM-based models and RUM-based models in terms of parameter estimates, goodness of fit, elasticities and consequential policy implications.

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Regret and its avoidance: a neuroimaging study of choice behavior

Cited by 570 publications

References 46 publications

Regret and the rationality of choices

Regret and the rationality of choices

Three studies on the neuroeconomics of decision-making when payoffs are real and negative

Random Regret Minimization: Exploration of a New Choice Model for Environmental and Resource Economics

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