Most economists define rationality in terms of consistency principles. These principles place ?bounds? on rationality?bounds that range from perfect consistency to weak stochastic transitivity. Several decades of research on preferential choice has demonstrated how and when people violate these...

How can cooperation be achieved between self-interested individuals in commonly-occurring asymmetric interactions where agents have different positions? Should agents use the same strategies that are appropriate for symmetric social situations? We explore these questions through the asymmetric...

Choice modelling is an increasingly important technique for forecasting and valuation, with applications in fields such as transportation, health and environmental economics. For this reason it has attracted attention from leading academics and practitioners and methods have advanced...

Consumers’ purchase decisions depend on whether a product is perceived as a bargain or as overpriced. But how do consumers evaluate sales prices? The standard approach in economics, psychology, and marketing suggests that consumers’ estimates are best described by a attribute-based or...