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来源类型Working Paper
规范类型报告
DOI10.3386/w16791
来源IDWorking Paper 16791
Who Is (More) Rational?
Syngjoo Choi; Shachar Kariv; Wieland Müller; Dan Silverman
发表日期2011-02-18
出版年2011
语种英语
摘要Revealed preference theory offers a criterion for decision-making quality: if decisions are high quality then there exists a utility function that the choices maximize. We conduct a large-scale field experiment that enables us to test subjects' choices for consistency with utility maximization and to combine the experimental data with a wide range of individual socioeconomic information for the subjects. There is considerable heterogeneity in subjects' consistency scores: high-income and high-education subjects display greater levels of consistency than low-income and low-education subjects, men are more consistent than women, and young subjects are more consistent than older subjects. We also find that consistency with utility maximization is strongly related to wealth: a standard deviation increase in the consistency score is associated with 15-19 percent more wealth. This result conditions on socioeconomic variables including current income, education, and family structure, and is little changed when we add controls for past income, risk tolerance and the results of a standard personality test used by psychologists.
主题Econometrics ; Experimental Design ; Microeconomics ; Behavioral Economics ; Households and Firms ; Economics of Information
URLhttps://www.nber.org/papers/w16791
来源智库National Bureau of Economic Research (United States)
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资源类型智库出版物
条目标识符http://119.78.100.153/handle/2XGU8XDN/574466
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GB/T 7714
Syngjoo Choi,Shachar Kariv,Wieland Müller,et al. Who Is (More) Rational?. 2011.
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