deviation (in beliefs, utility, or perceived prices) is within e of expected utility theory. The number e can then be used as a … distance to the theory. We apply our methodology to three recent large-scale experiments. Many subjects in those experiments …

This paper presents novel evidence for the prevalence of deviations from rational behavior in human decision making …

We examine the various senses in which economist use the term “rationality” and then outline some of the commonly drawn …

also on the decisions of others. In the present article, we review the literature on decision making made by groups of the … consistent in revealing that groups behave closer to the game-theoretical assumption of rationality and selfishness than …

The weak rationality principle is not an empirical statement but a heuristic rule of how to proceed in social sciences …-foundation and, therefore, employ the rationality assumption in economic models. Then, with reference to the ?bounded rationality … a part of the rationality assumption. We conclude with some remarks on handling the problems of ?free will? as well as …

not devoid of rationality. Agents in these models behave rationally in that they are willing to learn from their mistakes …

individuals use simple rules of thumb (heuristics) to forecast the future inflation and output gap. We compare this model with the …

in economic growth. Every macro-economic theory should attempt to explain these endemic business cycle movements. In this …

also on the decisions of others. In the present article, we review the literature on decision making made by groups of the … consistent in revealing that groups behave closer to the game-theoretical assumption of rationality and selfishness than …