One set of authors concluded that the reversal effect was inconsistent not only with utility theory but also with every existing theory of economic decision-making.

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D. in applied mathematics, the 50-year-old Berezovsky says he spent 25 years doing research on decision-making theory at the Russian Academy of Sciences.

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One theory of decision making says you ought to maximize your expected returns, where an expected return is the outcome multiplied by the probability of winning it.

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The book provides practical methods for supporting improved participatory processes, including the application of theory and models to aid decision-making.

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The field of decision theory tries to explain these examples of people making seemingly illogical buying decisions.

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But to get there Weeks had to jettison classic business school theory, which would have companies pushing decision making down to lower levels.

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That is consistent with a second theory, familiar from other studies, that decision making is mentally taxing and that, if forced to keep deciding things, people get tired and start looking for easy answers.

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The theory behind this sort of fits with what we know about decision making and expectation.

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