This paper presents a cardinal measure of choice consistency for perturbed utility models. The measure of choice consistency is built on additive errors to the model. The additive errors are meaningful since the perturbed utility model is cardinal and utility differences are meaningful. We...

Using a revealed preference approach, we conduct an experiment where subjects make choices from linear convex budgets in the domain of risk. We find that many individuals prefer mixtures of lotteries in ways that systematically rule out expected utility behavior. We explore the extent to which...

Nontransitive choices have long been an area of curiosity within economics. However, determining whether nontransitive choices represent an individual’s preference is a difficult task since choice data is inherently stochastic. This paper shows that behavior from nontransitive preferences...