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 …

is well establish evidence in the psychology and marketing literature that agents consistently fail (or choose not) to …

(Finding 2). Finding 1 is at odds with rational choice theory's demand that marginal utility be equalized with marginal costs …, that is, net marginal utility be zero. The finding can be (and has been) explained by decision error, that is, a failure in … forecasting the well-being consequences of an act of choice. This paper uses the rational-choice decision-error framework to show …