gh utility randomness</p></li>
<li><p><em>normative theory</em> - how idealized agents work</p></li>
<li><p><em>descriptive theory</em> - how actual agents work</p>
<ul>
<li><p><em>certainty effect</em> - people are drawn to things that are certain</p></li>
<li><p><em>ambiguity aversion</em></p></li>
<li><p><em>framing effect</em> - wording can influence people‚Äôs judgements</p></li>
<li><p><em>anchoring effect</em> - buy middle-tier wine because expensive is there</p></li>
</ul>
</li>
</ul>
</section>