Random Consumer Demand
AbstractI present a theory of random consumer demand. The primitive is a collection of probability distributions on budgets. Axioms constrain these distributions, including analogues of preference axioms, such as transitivity, monotonicity and convexity. Results establish a complete representation of theoretically consistent demand. The theory's purpose is empirical application. To this end, the theory has desirable properties. Intrinsically stochastic, econometricians can apply it without adding extrinsic randomness in the form of errors. Random demand is parsimoniously represented by a single function on the consumption set. Finally, there exist practical methods for inference based on the theory, described in a companion paper. Copyright (c) The London School of Economics and Political Science 2008.
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Bibliographic InfoArticle provided by London School of Economics and Political Science in its journal Economica.
Volume (Year): 76 (2009)
Issue (Month): 301 (02)
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- Indraneel Dasgupta, 2011.
"Contraction consistent stochastic choice correspondence,"
Social Choice and Welfare,
Springer, vol. 37(4), pages 643-658, October.
- Indraneel Dasgupta, . "Contraction consistent stochastic choice correspondence," Discussion Papers 08/04, University of Nottingham, School of Economics.
- Dasgupta, Indraneel, 2009. "Contraction Consistent Stochastic Choice Correspondence," IZA Discussion Papers 4596, Institute for the Study of Labor (IZA).
- Dasgupta Indraneel & Pattanaik P. K, 2010.
"Revealed Preference with Stochastic Demand Correspondence,"
The B.E. Journal of Theoretical Economics,
De Gruyter, vol. 10(1), pages 1-21, August.
- Indraneel Dasgupta, . "Revealed Preference with Stochastic Demand Correspondence," Discussion Papers 07/06, University of Nottingham, School of Economics.
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