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On the relation between rationality and consistency

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  • Caliari, Daniele

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.

Suggested Citation

  • Caliari, Daniele, 2026. "On the relation between rationality and consistency," EconStor Open Access Articles and Book Chapters, ZBW - Leibniz Information Centre for Economics, issue Online fi.
    • Handle: RePEc:zbw:espost:339760
    DOI: 10.1007/s00355-026-01656-8
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    References listed on IDEAS

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    1. Ola Mahmoud, 2017. "On the consistency of choice," Theory and Decision, Springer, vol. 83(4), pages 547-572, December.
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