We challenge the standard definition of economic rationality as consistency by making use of a novel distinction … between axioms of decision theory: consistency and preference axioms. We argue that this distinction has been overlooked by … the literature and, as a result, evidence that consistency is a proxy of decision-making ability is often based on …

remedy for these shortcomings by developing a dynamical model of procedurally rational decision making. The basic idea of the … model is a feedback loop between experienced utility, decision utility, and activities. In applications of the model, I show …

without objective rationality. The decision-maker (DM) has a subjectively rational preference ≥^, which captures the complete …We show how incorporating Gilboa, Maccheroni, Marinacci, and Schmeidler's (2010) notion of objective rationality into …

of needs strengthens economic models, by developing a decision-making framework for well-being assessment and choice …

Actors in various settings have been increasingly relying on algorithmic tools to support their decision-making. Much … - decision-makers cannot verify the quality of such goods, even after "consuming" them. Based on this finding, we test two … algorithm, it remarkably decreases human decision-making performance. In the second treatment, we reveal the task's correct …