Primary Outcomes (explanation)
1. Rationality in food preference
Subjects need to allocate a fixed expenditure of 50 RMB between vegetables and meat to choose their best buying amount in 22 rounds. With these decisions, we can observe violations of GARP (Generalized Axiom of Revealed Preferences) and compute their Critical Cost Effective Index and Money Pump Index.
2. Ratioanlity in risk preference
Following Choi et al. (2007, 2014), Subjects have 100 points to allocate between two accounts where a point has different RMB value in 22 rounds. With these decisions, we can observe violations of GARP (Generalized Axiom of Revealed Preferences) and compute their Critical Cost Effective Index and Money Pump Index.
3. Ratioanlity in social preference
Following Andreoni&Miller (2002), Subjects have 100 points to allocate between themselves and another subject where a point has different RMB value in 22 rounds. With these decisions, we can observe violations of GARP (Generalized Axiom of Revealed Preferences) and compute their Critical Cost Effective Index and Money Pump Index.