Regret (decision theory)

Decision theory is the study of how people should make decisions when they have to choose between two or more options. Regret is the feeling a person gets when they make a decision that worked out badly. For example, if you choose to buy a bike instead of a car, but the bike breaks down a lot, you might feel regret for the choice you made. Decision theory helps us think about what the best choice is so that we can make decisions with less regret. For example, if you compare the cost, reliability, and quality of the bike versus the car, you can decide which is the better choice.