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2006 “Substantive and Procedural Rationality in Decisions under Uncertainty.” mimeo

By Syngjoo Choi, Raymond Fisman, Shachar Kariv and Douglas Gale


We report a laboratory experiment that enables us to study systematically the substantive and procedural rationality of decision making under uncertainty. By using novel graphical representations of budget sets over bundles of state-contingent commodities, we generate a very rich data set well-suited to studying behavior at the level of the individual subject. We test the data for consistency with the maximization hypothesis, and we recover underlying preferences using bot

Year: 2014
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