In this project we intend to model individual decision making (DM), a cornerstone of microeconomic theory. First, we will participate in a long-standing discussion challenging the transitivity of preferences, a basic axiom of the expected utility theory. We will propose a DM theory with intransitive preferences and then explore its relationship to existing alternatives. In the next part we will investigate subjective well-being (SWB), a variable complementary to (decision) utility. We will focus on economic determinants of SWB and their relationships in contemporary Czech society. Feeding a carefully designed model of Bayesian network with empirical data, we will deduce the extent of intransitivity among SWB determinants. In the last part of the project we focus on generalisation of economic equilibria. Using the result from the first part of the project, we intend to analyse Nash equilibria with intransitive preferences. We will also model equilibria in markets with shared rare resources.