The New Palgrave Dictionary of Economics

2018 Edition
| Editors: Macmillan Publishers Ltd

Case-Based Decision Theory

  • Ani Guerdjikova
Reference work entry


Case-based decision theory was developed by Gilboa and Schmeidler. This article describes the framework and lays out the axiomatic foundations of the theory. An illustration based on a model of repeated choice is provided and the applications of the theory to economic problems are listed. Finally, the relationship between the case-based decision theory and expected utility theory is discussed.


Aspiration levels Case-based decision theory Consumer choice theory Decision making Expected utility theory 

JEL Classification

G11 D81 D83 
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Copyright information

© Macmillan Publishers Ltd. 2018

Authors and Affiliations

  • Ani Guerdjikova
    • 1
  1. 1.