Refine
Year of publication
- 2022 (1)
Document Type
- Journal article (1)
Language
- English (1)
Has full text
- yes (1)
Is part of the Bibliography
- yes (1)
Institute
- ESB Business School (1) (remove)
Publisher
- MDPI (1)
Rational behavior is a standard assumption in science. Indeed, rationality is required for environmental action towards net-zero emissions or public health interventions during the SARS-CoV-2 pandemic. Yet, little is known about the elements of rationality. This paper explores a dualism of rationality comprised of optimality and consistency. By designing a new guessing game, we experimentally uncover and disentangle two building blocks of human rationality: the notions of optimality and consistency. We find evidence that rationality is largely associated to optimality and weakly to consistency. Remarkably, under uncertainty, rationality gradually shifts to a heuristic notion. Our findings provide insights to better understand human decision making.