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W2977897789 abstract "We build a satisficing model of probabilistic choice under risk which embeds Expected Utility Theory (EUT) into a boundedly rational deliberation process. The decision maker accumulates evidence for and against alternative options by repeatedly sampling from her underlying set of EU preferences until the evidence favouring one option satisfies her desired level of confidence. Notwithstanding its EUT core, the model produces patterns of behaviour that violate standard axioms, while at the same time capturing the systematic relationship between choice probabilities, response times and confidence judgments, which is beyond the scope of theories that do not take deliberation into account." @default.
W2977897789 created "2019-10-10" @default.
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W2977897789 date "2017-06-15" @default.
W2977897789 modified "2023-09-27" @default.
W2977897789 title "Boundedly Rational Expected Utility Theory" @default.
W2977897789 hasPublicationYear "2017" @default.
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