Framing effects have long been viewed as compelling evidence of irrationality in human decision making, yet that view rests on the questionable assumption that numeric quantifiers used to convey the expected values of choice options are uniformly interpreted as exact values. Two experiments show...

This paper develops a decision-theoretic framework to study rational inattention (Sims [1998, 2003]). We provide an axiomatic characterization that relates rationally inattentive behavior to attitudes towards flexibility (Kreps [1979]) and temporal resolution of uncertainty (Kreps and Porteus...

We design a choice experiment comparing policies that reduce agricultural nutrient pollution and harmful algal blooms in Lake Erie and administer it to Ohio residents using an online survey panel. We compare two treatments that have been found to mitigate hypothetical bias, cheap talk and...

We extend the swaps index of rationality, introduced by Apesteguia and Ballester (2015) for a finite set of alternatives, to the standard consumer choice setting with infinite commodity spaces. Applications include consumer demand from competitive budget sets and the state-space approach to...

Choice Algonomics is a Report on Algorand and Choice Coin tokenomics with an emphasis on Algo and Choice. Algo is the native cryptocurrency of the Algorand blockchain and its breakthrough layer-1 technical protocol. Choice is a utility token for voting created by the Choice Coin DAO, the largest...