institutions compared to situations of individual decision-making. Intelligence, female gender, and the existence of siblings …

paper we argue that practicality is not the only feature that can be addressed by means of stochastic choice theory. This … theory also offers a powerful framework for developing a more realistic model for labor supply choices, founded on …

implemented. Fama & Jensen (1983) argue that the same members of many organization are often responsible for both decision … to express their discontent with the allocation of decision rights. How decisions come about also affects implementation …

actions. The resulting decisions may be less, rather than more, risky. Making a decision after acquiring information provides …

quantity of resources. Afterwards, one of the proposals is chosen by majority decision. If no proposal obtains a majority, a …

-consistent expectations. This implicitly assumes unrealistic cognitive abilities on the part of economic decision makers. The relevant … question, however, is not whether the assumption can be literally correct, but how much it would matter to model decision … problems such as chess or go, in which decision makers look ahead only a finite distance into the future, and use a value …