Afriat's Theorem and some Extensions to Choice under Uncertainty
AbstractThe first part of the paper reviews the methodology developed by Sydney Afriat for determining whether a finite set of price and quantity data are consistent with utility maximizing behavior by a consumer. Some extensions of his basic model to models of consumer behavior where the structure of preferences is restricted in some way are also explained. Examples of special structures are homotheticity, separability and quasilinearity of the utility function. The second half of the paper is devoted to developing Afriat type consistency tests for expected and nonexpected utility maximizing behavior.
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Bibliographic InfoArticle provided by Royal Economic Society in its journal The Economic Journal.
Volume (Year): 122 (2012)
Issue (Month): 560 (05)
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Other versions of this item:
- Diewert, Erwin, 2011. "Afriat's Theorem and Some Extensions to Choice under Uncertainty," UBC Departmental Archives erwin_diewert-2011-22, UBC Department of Economics, revised 01 Sep 2011.
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- Hjertstrand, Per & Jones, Barry E., 2013. "What Do Revealed Preference Axioms Reveal about Elasticities of Demand?," Working Paper Series 972, Research Institute of Industrial Economics.
- Cherchye, Laurens & Demuynck, Thomas & De Rock, Bram, 2011.
"Revealed preference tests for weak separability: an integer programming approach,"
Open Access publications from Katholieke Universiteit Leuven
urn:hdl:123456789/318018, Katholieke Universiteit Leuven.
- Cherchye, Laurens & Demuynck, Thomas & De Rock, Bram, 2012. "Revealed preference tests for weak separability: an integer programming approach," Open Access publications from Katholieke Universiteit Leuven urn:hdl:123456789/369062, Katholieke Universiteit Leuven.
- Laurens CHERCHYE & Thomas DEMUYNCK & Bram DE ROCK, 2011. "Revealed preference tests for weak separability: an integer programming approach," Center for Economic Studies - Discussion papers ces11.25, Katholieke Universiteit Leuven, Centrum voor Economische Studiën.
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