The Improbability of a General , Rational and Descriptively Adequate Theory of Decision Under Risk

@inproceedings{Loomes2006TheIO,
  title={The Improbability of a General , Rational and Descriptively Adequate Theory of Decision Under Risk},
  author={Graham Loomes},
  year={2006}
}
c) however, this does not mean that the model is defective as a descriptive model of what happens in many experiments. If it is good model of the actual data-generating process, the implication is that the restrictions other models impose in order to incorporate certain normative principles and/or to achieve generality will cause those models to fail descriptively in various systematic and predictable ways when applied to the simplest choice and equivalence tasks.