observable events are regular open subsets of S. We axiomatically characterize Subjective Expected Utility (SEU) representations … of conditional preferences over acts, involving a continuous utility function on X (unique up to positive affine …

We investigate whether violations of canonical axioms of choice under risk are mistakes or a manifestation of true … preferences. Among the behavioral patterns that allow for a clear-cut interpretation on the decision level, we find that roughly … almost half of our subjects. Among those, roughly 24%are rational expected utility maximizers, 24% make occasional mistakes …

subsequent times learns to behave as prescribed by the expected-utility model. To do so, the analysis moves from the relevant …), and this is true to a greater extent in a complex context. The expected-utility model explains real behaviours in the long …