 The Bayesian regret concept was recognized as useful (and used) for comparing single-winner voting systems by Bordley and Merrill, and it also was invented independently by R. J. Weber.Bordley attributed it (and the whole idea of the usefulness of "social" utility, that is, summed over all people in the population) to John Harsanyi in 1955.This term has been used to compare a random buy-and-hold strategy to professional traders' records.