form obtains if relative choice probabilities are independent of irrelevant alternatives and invariant to utility …

equilibrium. A majority of these applications exploit two decision-theoretic properties not shared by the standard model of …

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 …