almost half of our subjects. Among those, roughly 24%are rational expected utility maximizers, 24% make occasional mistakes …

Expected utility theory (EUT) is currently the standard framework which formally defines rational decision-making under … risky conditions. EUT uses a theoretical device called von Neumann-Morgenstern utility function, where concepts of function … and random variable are employed in their pre-set-theoretic senses. Any von Neumann-Morgenstern utility function thus …