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Choice, deferral, and consistency

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Costa_Gomes_2022_QE_Choice_deferral_consistency_CC.pdf (217.0Kb)
Date
07/2022
Author
Costa-Gomes, Miguel
Cueva, Carlos
Gerasimou, Georgios
Tejiščák, Matúš
Keywords
Choice deferral
Active choices
Choice consistency
Revealed preferences
Decision difficulty
Experiment
HB Economic Theory
NDAS
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Abstract
We report on two novel choice experiments with real goods where subjects in one treatment are forced to choose, as is the norm in economic experiments, while in the other they are not but can instead incur a small cost to defer choice. Using a variety of measures, we find that the active choices (i.e., those that exclude the deferral outside option) of subjects in the nonforced‐choice treatment are generally more consistent. We also find that the combined deferral and active‐choice behavior of subjects in that treatment is explained better by a model of dominant choice with incomplete preferences than it is by rational choice. Our results suggest that nonforced‐choice experiments and models can be helpful in separating people's rational, hesitant/not‐yet‐rational and genuinely irrational behavior, and can potentially offer important new insights in revealed preference analysis.
Citation
Costa-Gomes , M , Cueva , C , Gerasimou , G & Tejiščák , M 2022 , ' Choice, deferral, and consistency ' , Quantitative Economics , vol. 13 , no. 3 , pp. 1297-1318 . https://doi.org/10.3982/qe1806
Publication
Quantitative Economics
Status
Peer reviewed
DOI
https://doi.org/10.3982/qe1806
ISSN
1759-7323
Type
Journal article
Rights
Copyright © 2022 The Authors. Licensed under the Creative Commons Attribution-NonCommercial License 4.0
Collections
  • University of St Andrews Research
URL
https://qeconomics.org/ojs/forth/1806/1806-3.pdf
URI
http://hdl.handle.net/10023/25668

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