Recent theoretical and empirical work characterizes attention as a limited resource that decision-makers strategically … performance later. In this paper, we exploit high-frequency data on decision-making by Major League Baseball umpires to examine …

How do human beings make decisions when, as the evidence indicates, the assumptions of the Bayesian rationality … rationality, with particular emphasis on growing formalization of those departures, which add necessary precision. We also explore … the relationship between bounded rationality and libertarian paternalism, or nudges, and show that some recent objections …

remedy for these shortcomings by developing a dynamical model of procedurally rational decision making. The basic idea of the … model is a feedback loop between experienced utility, decision utility, and activities. In applications of the model, I show …

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 …

Cognitive biases distort judgement and adversely impact decision-making, which results in economic inefficiencies …