The following analysis is meant to contribute to a history of rational choice theory. More specifically, I provide a multi-layered account of rational choice theory in terms of its biography as a scientific object. I argue that its axiomatic version, choice theory traveled between different...

We present a decision theory which models and axiomatizes a decision-making procedure. This procedure involves two steps: in the first step, for each action, some specific event which can bring about a relatively high outcome with a relatively high probability or a relatively low outcome with a...

This paper extends Savage's subjective approach to probability and utility from decision problems under exogenous uncertainty to choice in strategic environments. Interactive uncertainty is modeled both explicitly, using hierarchies of preference relations, the analogue of beliefs hierarchies,...

We characterize convex vNM-Stable Sets according to von Neumann and Morgenstern for orthogonal linear production games with a continuum of players. The results of Rosenmüller & Shitovitz [International journal of game theory 29 (2000), pp. 39-61] are thereby substantially improved....

We examine the risky choices of contestants in the popular TV game show “Deal or No Deal” and related classroom experiments. Contrary to the traditional view of expected utility theory, the choices can be explained in large part by previous outcomes experienced during the game. Risk aversion...