Adolescence and risk-taking: Reflection of irrationality or rationality?

Adolescence: a time of risk taking.

The Market: Catalyst for Rationality and Filter of Irrationality

Assumptions of individual rationality and preference stability provide the foundation for a convenient and tractable modeling approach. While both of these assumptions have come under scrutiny in distinct literatures, the two lines of research remain disjointed. This study begins by explicitly linking the two literatures while providing insights into perhaps the central issue facing behavioral ...

Rationality, Irrationality and Escalating Behavior in Lowest Unique Bid Auctions

Information technology has revolutionized the traditional structure of markets. The removal of geographical and time constraints has fostered the growth of online auction markets, which now include millions of economic agents worldwide and annual transaction volumes in the billions of dollars. Here, we analyze bid histories of a little studied type of online auctions--lowest unique bid auctions...

Rationality, irrationality and escalating behavior in online auctions

Filippo Radicchi,1 Andrea Baronchelli,2 and Luís A. N. Amaral1, 3, 4 Howard Hughes Medical Institute (HHMI), Northwestern University, Evanston, Illinois 60208 USA Departament de Física i Enginyeria Nuclear, Universitat Politècnica de Catalunya, Campus Nord B4, 08034 Barcelona, Spain Department of Chemical and Biological Engineering, Northwestern University, Evanston, Illinois 60208 USA Northwes...

Rationality, Irrationality, and Wilf Equivalence in Generalized Factor Order

Let P be a partially ordered set and consider the free monoid P ∗ of all words over P . If w,w′ ∈ P ∗ then w′ is a factor of w if there are words u, v with w = uw′v. Define generalized factor order on P ∗ by letting u ≤ w if there is a factor w′ of w having the same length as u such that u ≤ w′, where the comparison of u and w′ is done componentwise using the partial order in P . One obtains or...