Two recent studies (Farashahi et al. and Rouault et al.) provide compelling evidence refuting
the Subjective Expected Utility (SEU) hypothesis as a ground model describing human …

For decades, the dominant paradigm for studying decision making—the expected utility
framework—has been burdened by an increasing number of empirical findings that question …

Modern scholarship on decision behavior dates from the late 1940s. But that scholarship
has been preoccupied with two ideas that are much older. One is the notion of expected …

M. Allais and the'American School'have formulated two alternative hypotheses for the
decision-making under uncertainty. Although Allais concentrates on the case when the …

The recent shift from normative to descriptive analyses of decisions, stimulated by observed
departures from normative prescriptions, has led researchers to focus more closely on the …

The subjective expected utility (SEU) model rests on very strong assumptions about the
consistency of decision-making across a wide range of situations. The descriptive validity of …

RATIONAL DECISION MAKING: Choosing among alternatives in a way that “properly”
accords with the preferences and beliefs of an individual decision maker or those of a group …

In traditional decision theory, utility is regarded as a mathematical representation of
preferences to be inferred from agents' choices. In the recent literature at the interface …

Brunswikian research on judgment began in the mid-1950s (Hammond, 1955), at about the
same time that research on preferential choice was beginning to attract attention in …

Escaping from Bad Decisions presents a modern conceptual and mathematical framework
of the decision-making process. By interpreting ordinal utility theory as normative analysis …