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 …

We investigate whether violations of canonical axioms of choice under risk are mistakes or a manifestation of true … preferences. Among the behavioral patterns that allow for a clear-cut interpretation on the decision level, we find that roughly …

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 …