preferences. Among the behavioral patterns that allow for a clear-cut interpretation on the decision level, we find that roughly … almost half of our subjects. Among those, roughly 24%are rational expected utility maximizers, 24% make occasional mistakes …

deviation (in beliefs, utility, or perceived prices) is within e of expected utility theory. The number e can then be used as a …We propose a new measure of deviations from expected utility, given data on economic choices under risk and uncertainty … distance to the theory. We apply our methodology to three recent large-scale experiments. Many subjects in those experiments …

A general framework is described specifying how boundedly rational decision makers generate their choices. Starting … decision routines (by applying New Problem Solver). Our admittedly bold attempt is loosely related to some stylized …

We characterize intertemporal utility functions over heterogeneous goods that feature (i) a constant elasticity of … the goods. We find that a standard (stationary) intertemporal utility function is consistent with these two properties if … elasticities of substitution are identical, or if the instantaneous utility function is Cobb-Douglas. We also characterize the …

The paper develops an axiomatic framework for rational decision making. The von Neumann-Morgenstern axioms give rise to … a richer risk attitude than that captured in the standard discounted expected utility model. I derive three models that … that are imposed in the evaluation of uncertain scenarios. Imposing all rationality constraints jointly eliminates pure …