It is common in studies of individual choice behavior to report averages of the behavior under consideration. In the social sciences the mean is, indeed, often the quantity of interest, but at times focusing on the mean can be misleading. For example, it is well known in labor economics that...

The empirical observation of preference reversals has been viewed as a fundamental challenge to economic theory, though exactly what the implications for economic theory are has not been investigated in depth. We argue in two ways that the implications for economics are not so serious as has...