We investigate whether violations of canonical axioms of choice under risk are mistakes or a manifestation of true … 70% of axiom violations are intentional whereas only 30% are mistakes. On the subject level we can clearly categorize … almost half of our subjects. Among those, roughly 24% are rational expected utility maximizers, 24% make occasional mistakes …

We investigate whether violations of canonical axioms of choice under risk are mistakes or a manifestation of true … 70% of axiom viola-tions are intentional whereas only 30% are mistakes. On the subject level we can clearly categorize … almost half of our subjects. Among those, roughly 24%are rational expected utility maximizers, 24% make occasional mistakes …