between axioms of decision theory: consistency and preference axioms. We argue that this distinction has been overlooked by …We challenge the standard definition of economic rationality as consistency by making use of a novel distinction … 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 …