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Casual observations as well as controlled experiments indicate that people often make decisions that are at variance with the rational theory of choice.
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Key Phrases - Statistically Improbable Phrases (SIPs):
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medical decision analyses, unilateral punishment, integrativeness quotient, portfolio risk aversion, extensive form treatment, interactive belief system, interactive decision theory, fair play argument, fair play principle, greenhouse abatement, equilibrium benchmark, advantageous cooperative venture, climate target, consumption increments, equilibrium entry, representativeness error, description invariance, procedure invariance, ultimate payers, deference patterns, value tradeoffs, complex policy problems, large economic costs, substitution axiom, risk neutral person
Key Phrases - Capitalized Phrases (CAPs):
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New York, Howard Raiffa, United States, Amos Tversky, Cambridge University Press, Harvard University Press, Harvard Business School, Richard Zeckhauser, Princeton University Press, Daniel Kahneman, Management Science, Paul Slovic, American Economic Review, Ralph Keeney, Ann Arbor, Distribution of Student, James Sebenius, New England Journal of Medicine, Rain Detector, Department of Economics, Thomas Schelling, Total Number of Responses, Division of Research, John Rawls, Peyton Young
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