An intuitively natural consistency condition for contingent plans is necessary and sufficient for a contingent plan to be rationalized by maximization of conditional expected utility. One alternative theory of choice under uncertainty, the weighted-utility theory developed by Chew Soo Hong...

Laboratory experiments concerning decision under uncertainty tend to uncover systematic violations of Bayesian rationality. When models that posit Bayesian rationality are compared to non-experimental data, though, they fit the data well. One possible explanation is that an agent's global...