Disappointment without prior expectation: a unifying perspective on decision under risk

@article{Delqui2006DisappointmentWP,
  title={Disappointment without prior expectation: a unifying perspective on decision under risk},
  author={Philippe Delqui{\'e} and Alessandra Cillo},
  journal={Journal of Risk and Uncertainty},
  year={2006},
  volume={33},
  pages={197-215}
}
The central idea of Disappointment theory is that an individual forms an expectation about a risky alternative, and may experience disappointment if the outcome eventually obtained falls short of the expectation. We abandon the hypothesis of a well-defined prior expectation: disappointment feelings may arise from comparing the outcome received with anyof the gamble’s outcomes that the individual failed to get. This leads to a new, general form of Disappointment model. It encompasses Rank… 
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We develop a model of Disappointment in which disappointment and elation arise from comparing the outcome received, not with an expected value as in previous models, but rather with the other…
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