This paper is concerned with the axiomatic foundation of the revealed preference theory. Many well-known results in … requirements, such as those proposed by Arrow, Sen, Samuelson etc., are equivalent if the domain of choice functions satisfy some …

We present a preference foundation for Chance Theory (CT), a model of decision making under uncertainty where the … rationality principles like first-order stochastic dominance or transitivity. Decision makers with CT-preferences always prefer …

Many conventional economic analyses assume that risk preference is taken as given and do not give much scrutiny on it …. However, empirical studies show that risk preference is not random: shocks and predetermined characteristics can determine … risk preference. This study tried to see if these potential determinants together affect risk aversion in Indonesia using …

The paper suggests that casting the choice problem in terms of alternative time-consuming activities can foster the …. The first part emphasizes how mainstream, utility-based choice theory has eradicated "time" from the analysis, in contrast …

, the quality of decision-making may differ at the market and macro levels from what has been observed in laboratory … experiments. It seeks to forestall potential moves by rational choice theorists to argue that such processes, imposed by … competitive pressures, will swiftly eliminate anomalous behaviour. But it questions Frey and Gallus's use of conventional rational …

In this paper, we use survey data to analyze the rationality of professional macroeconomic forecasts. We analyze both … used with caution, since even if all individual forecasts are rational the hypothesis of rationality is often rejected by …