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In 1908 the Welsh neurologist and psychoanlayst Ernest Jones described human beings as rationalizers whose behavior is governed by "the necessity of providing an explanation." We construct a formal and testable model of rationalization in which a decision maker selects her preferred alternative...
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deviation (in beliefs, utility, or perceived prices) is within e of expected utility theory. The number e can then be used as a … distance to the theory. We apply our methodology to three recent large-scale experiments. Many subjects in those experiments …
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