Expected utility theory (EUT) is currently the standard framework which formally defines rational decision-making under …

ecological rationality research program, it presents the main factors that determine economic choices, before exploring the most … algorithms applied by people in decision-making processes, among which there are outstanding social concerns. Drawing these … of economics, management and the wider social sciences curious about decision-making procedures"-- …

procedure. At any given trial, the decision maker deliberately randomizes over mental categories and chooses the best item … decision maker picks the default option. We provide the necessary and sufficient conditions that characterize this model in a …