A fundamental assumption of expected utility models is that agents make predictions by formulating rational expectations. Building on this assumption, the literature has addressed to what extent rational choice or behaviorally informed utility models best describe intertemporal substitution of...

Subjective beliefs and behavior regarding the Prostate Specific Antigen (PSA) test for prostate cancer were surveyed among attendees of the 2006 meeting of the American Economic Association. Logical inconsistency was measured in percentage deviations from a restriction imposed by Bayes’ Rule...