Who Is (More) Rational?

被引：146

作者：

Choi, Syngjoo ^{[1
]}

Kariv, Shachar ^{[2
]}

Mueller, Wieland ^{[3
,4
,5
,6
]}

Silverman, Dan ^{[7
,8
]}

机构：

[1] UCL, Dept Econ, London WC1E 6BT, England

[2] Univ Calif Berkeley, Dept Econ, Berkeley, CA 94720 USA

[3] Univ Vienna, Dept Econ, A-1090 Vienna, Austria

[4] Univ Vienna, VCEE, A-1090 Vienna, Austria

[5] Tilburg Univ, Dept Econ, CentER, NL-5000 LE Tilburg, Netherlands

[6] Tilburg Univ, TILEC, NL-5000 LE Tilburg, Netherlands

[7] Arizona State Univ, Dept Econ, WP Carey Sch Business, Tempe, AZ 85287 USA

[8] NBER, Cambridge, MA 02138 USA

来源：

AMERICAN ECONOMIC REVIEW | 2014年 / 104卷 / 06期

关键词：

FINANCIAL DECISION-MAKING; RISK-AVERSION; REVEALED PREFERENCE; STOCHASTIC-DOMINANCE; COGNITIVE FUNCTION; JOB-PERFORMANCE; RETIREMENT; PLAN; PATERNALISM; SELECTION;

D O I：

10.1257/aer.104.6.1518

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

Revealed preference theory offers a criterion for decision-making quality: if decisions are high quality then there exists a utility function the choices maximize. We conduct a large-scale experiment to test for consistency with utility maximization. Consistency scores vary markedly within and across socioeconomic groups. In particular, consistency is strongly related to wealth: A standard deviation increase in consistency is associated with 15-19 percent more household wealth. This association is quantitatively robust to conditioning on correlates of unobserved constraints, preferences, and beliefs. Consistency with utility maximization under laboratory conditions thus captures decision-making ability that applies across domains and influences important real-world outcomes.

引用

页码：1518 / 1550

页数：33

共 60 条

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