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Replication data for: Who Is (More) Rational?

Version
1
Resource Type
Dataset
Creator
  • Choi, Syngjoo
  • Kariv, Shachar
  • Müller, Wieland
  • Silverman, Dan
Publication Date
2014-06-01
Description
  • Abstract

    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.
Availability
Download
Relations
  • Is supplement to
    DOI: 10.1257/aer.104.6.1518 (Text)
Publications
  • Choi, Syngjoo, Shachar Kariv, Wieland Müller, and Dan Silverman. “Who Is (More) Rational?” American Economic Review 104, no. 6 (June 2014): 1518–50. https://doi.org/10.1257/aer.104.6.1518.
    • ID: 10.1257/aer.104.6.1518 (DOI)

Update Metadata: 2020-05-18 | Issue Number: 2 | Registration Date: 2019-12-06

Choi, Syngjoo; Kariv, Shachar; Müller, Wieland; Silverman, Dan (2014): Replication data for: Who Is (More) Rational?. Version: 1. ICPSR - Interuniversity Consortium for Political and Social Research. Dataset. https://doi.org/10.3886/E116126V1