For choice with deterministic consequences, the standard rationality hypothesis is ordinality, i.e., maximization of a … objectively (resp. subjectively) expected value of a von Neumann-Morgenstern utility function. For choice under risk, this implies …

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 …

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 …

(2010) that jointly considers objective and subjective rationality. These rationality concepts are subject to the Bewley … unanimity rule and maxmin expected utility, respectively, with a common set of priors and the same utility over consequences. We … utility preferences. …

almost half of our subjects. Among those, roughly 24%are rational expected utility maximizers, 24% make occasional mistakes …