In 1982, the EJ published a paper by Graham Loomes and Robert Sugden proposing an alternative theory of rational choice under uncertainty called regret theory. A special anniversary session discussed the history of the theory, its success relative to other approaches, its applications and empirical evidence. Robert Sugden talked to Mark Thoma about his work at the RES Conference 2015.
Watch the video here:
The Economic Journal 125th Anniversary Special Issue is available for free here.