Revealing Choice Bracketing

• 成果类型: Article
• 署名作者: Ellis, Andrew; Freeman, David J.
• 署名单位: University of London; London School Economics & Political Science; Simon Fraser University
• 刊物名称: AMERICAN ECONOMIC REVIEW
• ISSN/ISSBN: 0002-8282
• DOI: 10.1257/aer.20210877
• 发表日期: 2024
• 页码: 2668-2700
• 关键词: Revealed preference; prospect-theory; risk-taking; equity; Consistency; fungibility; BEHAVIOR; aversion; MODEL

摘要

Experiments suggest that people fail to take into account interdependencies between their choices-they do not broadly bracket. Researchers often instead assume people narrowly bracket, , but existing designs do not test it. We design a novel experiment and revealed preference tests for how someone brackets their choices. In portfolio allocation under risk, , social allocation, , and induced-value shopping experiments, , 40-43 percent of subjects are consistent with narrow bracketing, and 0-16 percent with broad bracketing. Adjusting for each model's predictive precision, , 74 percent of subjects are best described by narrow bracketing, , 13 percent by broad bracketing, , and 6 percent by intermediate cases. ( JEL D12, D81, D91) )