Back from Prospect Theory to Utility Theory

People, both smart and dumb, often do not behave the way normative theorists say they should behave. But what is even more frustrating, some (otherwise) smart people, who know how they should behave according to some impeccably beautiful normative theory, like the maximization of subjective expected utility (SEU) — you can clearly see my biases — nevertheless, do not always follow those guidelines.