Navarro-Martinez, DanielLoomes, GrahamIsoni, AndreaButler, DavidAlaou, Larbi2024-02-192024-02-192018Navarro-Martinez D, Loomes G, Isoni A, David Butler D, Alaoui L. Boundedly rational expected utility theory. J Risk Uncertain. 2018;57:199-233. DOI: 10.1007/s11166-018-9293-30895-5646http://hdl.handle.net/10230/59128We build a satisficing model of choice under risk which embeds Expected Utility Theory (EUT) into a boundedly rational deliberation process. The decision maker accumulates evidence for and against alternative options by repeatedly sampling from her underlying set of EU preferences until the evidence favouring one option satisfies her desired level of confidence. Despite its EUT core, the model produces patterns of behaviour that violate standard EUT axioms, while at the same time capturing systematic relationships between choice probabilities, response times and confidence judgments, which are beyond the scope of theories that do not take deliberation into account.We build a satisficing model of choice under risk which embeds Expected Utility Theory (EUT) into a boundedly rational deliberation process. The decision maker accumulates evidence for and against alternative options by repeatedly sampling from her underlying set of EU preferences until the evidence favouring one option satisfies her desired level of confidence. Despite its EUT core, the model produces patterns of behaviour that violate standard EUT axioms, while at the same time capturing systematic relationships between choice probabilities, response times and confidence judgments, which are beyond the scope of theories that do not take deliberation into account.application/pdfengThis article is distributed under the terms of the Creative Commons Attribution 4.0 International License (http://creativecommons.org/licenses/by/4.0/), which permits unrestricted use, distribution, and reproduction in any medium, provided you give appropriate credit to the original author(s) and the source, provide a link to the Creative Commons license, and indicate if changes were made.info:eu-repo/semantics/articlehttp://dx.doi.org/10.1007/s11166-018-9293-3Expected utilityBounded rationalityDeliberationProbabilistic choiceConfidenceResponse timesinfo:eu-repo/semantics/openAccess