Analysis of decision making under risk has been dominated by expected utility theory, which generally accounts for … people's actions. Presents a critique of expected utility theory as a descriptive model of decision making under risk, and … responses to various hypothetical decision situations under risk and shows results that violate the tenets of expected utility …

. Besides making choices, decision makers have to state their first- and second-order beliefs. We find that teams play the Nash … only 40% for individuals. -- Strategic sophistication ; beliefs ; experiment ; team decision making ; individual decision …