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Revealed stochastic preference: a synthesis

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  • Daniel McFadden

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Abstract

The problem of revealed stochastic preference is whether probability distributions of observed choices in a population for various choice situations are consistent with a hypothesis of maximization of preference preorders by members of the population. This is a population analog of the classical revealed preference problem in economic consumer theory. This paper synthesizes the solutions to this problem that have been obtained by Marcel K. Richter and the author, and by J. C. Falmagne, in the case of finite sets of alternatives, and utilizes unpublished research of Richter and the author to give results for the non-finite choice sets encountered in economic consumer theory. Copyright Springer-Verlag Berlin/Heidelberg 2005

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File URL: http://hdl.handle.net/10.1007/s00199-004-0495-3
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Bibliographic Info

Article provided by Springer in its journal Economic Theory.

Volume (Year): 26 (2005)
Issue (Month): 2 (08)
Pages: 245-264

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Handle: RePEc:spr:joecth:v:26:y:2005:i:2:p:245-264

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Related research

Keywords: Choice; Stochastic preference; Revealed preference; Random utility maximization.;

References

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  1. McFadden, Daniel, 1975. "Tchebyscheff bounds for the space of agent characteristics," Journal of Mathematical Economics, Elsevier, vol. 2(2), pages 225-242.
  2. Varian, Hal R, 1983. "Non-Parametric Tests of Consumer Behaviour," Review of Economic Studies, Wiley Blackwell, vol. 50(1), pages 99-110, January.
  3. Bandyopadhyay, Taradas & Dasgupta, Indraneel & Pattanaik, Prasanta K., 1999. "Stochastic Revealed Preference and the Theory of Demand," Journal of Economic Theory, Elsevier, vol. 84(1), pages 95-110, January.
  4. Donald J. Brown & Rosa L. Matzkin, 1995. "Testable Restrictions on the Equilibrium Manifold," Cowles Foundation Discussion Papers 1109, Cowles Foundation for Research in Economics, Yale University.
  5. Fishburn, Peter C. & Falmagne, Jean-Claude, 1989. "Binary choice probabilities and rankings," Economics Letters, Elsevier, vol. 31(2), pages 113-117, December.
  6. McFadden, Daniel L., 2000. "Economic Choices," Nobel Prize in Economics documents 2000-6, Nobel Prize Committee.
  7. Hildenbrand, Werner, 1971. "Random preferences and equilibrium analysis," Journal of Economic Theory, Elsevier, vol. 3(4), pages 414-429, December.
  8. Varian, Hal R, 1982. "The Nonparametric Approach to Demand Analysis," Econometrica, Econometric Society, vol. 50(4), pages 945-73, July.
  9. Matzkin, Rosa L, 1992. "Nonparametric and Distribution-Free Estimation of the Binary Threshold Crossing and the Binary Choice Models," Econometrica, Econometric Society, vol. 60(2), pages 239-70, March.
  10. Fishburn, Peter C., 1992. "Induced binary probabilities and the linear ordering polytope: a status report," Mathematical Social Sciences, Elsevier, vol. 23(1), pages 67-80, February.
  11. McFadden, Daniel, 1979. "A note on the computability of tests of the strong axiom of revealed preference," Journal of Mathematical Economics, Elsevier, vol. 6(1), pages 15-16, March.
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