The paper provides an brief overview of the “state of the art” in the theory of rational decision making since the 1950 … normative interpretation of decision-making theory is therefore questioned, and the two challenging views against this approach … , Simon’s bounded rationality and Allais’ criticism to expected utility theory are discussed. On this ground it is shown that …

critically compares theory with aspects of learning in real-life and with evidence from laboratory experiments, and argues that … most customary approaches lack criteria for their applicability. Hence, there is a need for a theory that includes criteria … when to employ which theory or which element(s) of existing theories contingent on the situation or environment in question …

experience in the laboratory. Although strategically our games are very similar to previous experiments in which game theory …