การทดสอบข้อสมมติของทฤษฎีเศรษฐศาสตร์เกี่ยวกับความมีเหตุผลของมนุษย์: หลักฐานเชิงประจักษ์จากการทดลองในระบบปิด

Testing Rationality Assumptions in Economic Theory: Evidence from Closed Experiment

ฐิติเทพ สิทธิยศ and เกษรา ธัญลักษณ์ภาคย์

MPRA Paper from University Library of Munich, Germany

Abstract: This study tests assumptions regarding human rationality, consistency, and decision-making process based on expected value as assumed in expected utility theory. The results from closed experiment using 24 graduate students from faculty of economics as a sample indicate that the majority of samples do not behave as the expected utility theory assumes. Rather, they show preference reversal and do not think in terms of expected value but use intuition. This study suggests that these unrealistic assumptions have to be abandoned and replaced with more realistic ones. Assuming rationality, consistency, and thinking process based on expected value for every decision-making has been proven by other fields of sciences as well as unorthodox economics that these behaviors are not consistent with actual human behaviors.

Keywords: Economics; Psychology; Expected Utility and Choice (search for similar items in EconPapers)
JEL-codes: A12 D01 (search for similar items in EconPapers)
Date: 2014-08-13, Revised 2015-01-05
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Published in Thammasat Economic Journal 32.3(2014): pp. 1-30

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https://mpra.ub.uni-muenchen.de/75098/1/MPRA_paper_75098.pdf revised version (application/pdf)

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Persistent link: https://EconPapers.repec.org/RePEc:pra:mprapa:74878

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