On the relation between rationality and consistency
研究经济理性(定义为选择一致性)是否与决策能力相关,通过实验发现,不熟练的决策者常因使用简单规则而表现一致,而熟练者有意随机化显得不一致,质疑了将一致性等同于理性的做法。
Abstract We investigate whether the definition of economic rationality as choice consistency is correlated with decision-making ability. Guided by a theoretical framework, we demonstrate that documented positive correlations may be driven by confounding properties unrelated to consistency. To address this, in a novel experiment, we isolate consistency, measured by the Weak Axiom of Revealed Preference. We show that less sophisticated decision-makers often rely on simple rules and behave consistently, while more sophisticated ones consciously randomize, appearing inconsistent. These patterns determine ambiguous correlations, raising doubts about the choice of language that equates consistency with rationality in economics.