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<p>We examine the relationship between choice inconsistency and household wealth by combining experimental data with administrative records. In a representative Dutch sample, we reveal choice inconsistency through an experiment and quantify its severity using the Money Pump Index (MPI), which reflects potential monetary losses from inconsistent choices. Linking MPI to household wealth from Statistics Netherlands, we find a significant association: a one standard deviation increase in MPI corresponds to a 14.8% reduction in household wealth. This relationship holds after accounting for socioeconomic factors, cognitive ability, and risk attitudes, and its magnitude doubles when using self-reported wealth data.</p>

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Choice (in)consistency and household wealth

  • 期刊论文

  • 出版模式：

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  • 发表日期：

    2026年6月23日

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  • Sara Arts,
  • Qiyan Ong,
  • Jianying Qiu,
  • Jana Vyrastekova

摘要

We examine the relationship between choice inconsistency and household wealth by combining experimental data with administrative records. In a representative Dutch sample, we reveal choice inconsistency through an experiment and quantify its severity using the Money Pump Index (MPI), which reflects potential monetary losses from inconsistent choices. Linking MPI to household wealth from Statistics Netherlands, we find a significant association: a one standard deviation increase in MPI corresponds to a 14.8% reduction in household wealth. This relationship holds after accounting for socioeconomic factors, cognitive ability, and risk attitudes, and its magnitude doubles when using self-reported wealth data.