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Our article reports an experimental study on the choice between rail and road freight transportation. We assume that the rail option involves some irreversibility, whereas the road choice is flexible. Building on this assumption about alternative individual choices, we construct a real-option model where traffic levels for each infrastructure are risky. We test these theoretical predictions. The important feature of our exercise is that we calibrate experimental payoffs on data about time cost, operating costs, and infrastructure tariffs in French transportation. The results are the following: (1) as the model stands, price levels and the information level are significant determinants of choice; (2) subjects overreact to infrastructure price changes.