Description
Return best forgone payoff and nonnegative regret score.
Behavioral-economics tasks compare supplied payoffs, reference points, budgets and observed choices. A gap, dominance flag or response fraction illustrates a declared convention without identifying a psychological bias, predicting real choices or selecting a suitable financial action.
Return best forgone payoff and nonnegative regret score.
When to use this tool
Use Regret Comparison Best Forgone Gap when checking the stated experimental payoff, budget, reference or choice convention.
How to use the tool and how it works
- Enter chosenPayoff, forgonePayoffs. Use the units and conventions below.
- Run the tool. Correct any format, range, or cross-field input error before interpreting the output.
- Read bestForgone, signedGap, regret. Use the output convention below.
Return best forgone payoff and nonnegative regret score. Require a nonempty forgonePayoffs list; bestForgone is its maximum, signedGap = best-chosen, regret = max(0,signedGap).1
| Input field | Meaning and units | Accepted input |
|---|---|---|
| chosenPayoff | Chosen Payoff | Required. Finite number. |
| forgonePayoffs | Forgone Payoffs | Required. Array of finite number; maximum items 256. |
| Output field | Interpretation | Returned shape |
|---|---|---|
| bestForgone | Best Forgone | Required. Finite number. |
| signedGap | Signed Gap | Required. Finite number. |
| regret | Regret | Required. Finite number. |
{
"input": {
"chosenPayoff": 50,
"forgonePayoffs": [
40,
70,
60
]
},
"output": {
"bestForgone": 70,
"signedGap": 20,
"regret": 20
}
}Limitations and assumptions
- This is a supplied payoff comparison, not a measured emotion, fitted decision model or financial recommendation.
- Inputs must satisfy both the field types and the cross-field conditions above. Invalid input causes an error; a successful false flag or documented placeholder is a different result.
- Numeric calculations use binary floating point unless exact decimal-integer arithmetic is explicitly stated. No hidden measurement tolerance or decimal rounding is added; nonfinite or out-of-contract results are rejected. Numeric signed-zero results are exported as zero.
Alternative or Complementary methods
Use a well-defined study design and complete data to estimate behavior; assess real financial rights, consequences and uncertainty independently.
References
Similar or alternative tools
- Decoy Choice Dominance One Pair
Check componentwise choice dominance under supplied directions.
- Choice Switch Position Index
Return the first adjacent choice-label switch.