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Economic choices that cannot be explained by the application of standard choice theory based on the axioms of preference. Anomalies have been identified in empirical data and controlled experiments. Examples of anomalies include under-saving for retirement and purchasing lottery tickets with an expected return that is negative. The identification of anomalies has led to the development of behavioural economics and the rejection of expected utility theory. See also Allais paradox.
Reference: Oxford Press Dictonary of Economics, 5th edt.
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