Abstract: Formulating the problem of compound lotteries, which marks the origination of expected utility theory (EUT), has generated a stream of formal work in the field of economics decision making. Where subjective EUT determines the rational choice, exploring the process of choice and observed use...

In the standard economic model, people are unbounded in their ability to think through problems. Regardless of complexity, they can costlessly figure out the optimal choice. They are also unbounded in their self-control. In contrast to the traditional model, a growing body of research interprets economic...

This paper poses a Deweyan challenge to both the neoclassical framework of rational choice and models of bounded rationality and deliberation, especially the procedural theory of rationality advanced by Herbert Simon. We demonstrate how modern theories on procedural or instrumental rationality trace...