A Construction of Regret

T here are two forms of regret: regret due to a shift of values, and regret due to a change of information. Regret only exists post-hoc, i.e. you can only regret an event which has passed, something you have already experienced. Let us say at every juncture, you have a set of mutually exclusive actions you may take 1 . Further, let us say that you have some black box which outputs an ordered set…