Expected utility theory (EUT) is currently the standard framework which formally defines rational decision-making under … behaviour under utility theory is incompatible with scarcity of resources, making behaviour consistent with EUT irrational and …

uncertainties that the selection of an adequate theory of choice (a more behavioral or a more rational one) is exposed to. First, I … suggest that Knightian uncertainty obtains in many regulatory areas concerning the distribution of degrees of rationality … the level of bias, or even entire rationality quotients, of individual regulatees. This may convert uncertainty into risk …