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Identification of consumers’ preferences when their choices are unobservable

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Author Info

  • Rosa Matzkin

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Abstract

We provide conditions under which the heterogenous, deterministic preferences of consumers in a pure exchange economy can be identified from the equilibrium manifold of the economy. We extend those conditions to consider exchange economies, with two commodities, where consumers’ preferences are random. For the latter, we provide conditions under which consumers’ heterogenous random preferences can be identified from the joint distribution of equilibrium prices and endowments. The results can be applied to infer consumers’ preferences when their demands are unobservable. Copyright Springer-Verlag Berlin/Heidelberg 2005

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File URL: http://hdl.handle.net/10.1007/s00199-004-0543-z
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Bibliographic Info

Article provided by Springer in its journal Economic Theory.

Volume (Year): 26 (2005)
Issue (Month): 2 (08)
Pages: 423-443

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Handle: RePEc:spr:joecth:v:26:y:2005:i:2:p:423-443

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Web page: http://link.springer.de/link/service/journals/00199/index.htm

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Related research

Keywords: Preferences; Random utility; Pure exchange economies; Identification; Equilibrium correspondence.;

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Cited by:
  1. Carvajal, Andres & Polemarchakis, H.M., 2008. "Identification of Pareto-improving policies: Information as the real invisible hand," Journal of Mathematical Economics, Elsevier, vol. 44(2), pages 167-179, January.
  2. Ruediger Bachmann, 2006. "Testable Implications of Pareto Efficiency and Individualrationality," Economic Theory, Springer, vol. 29(3), pages 489-504, November.
  3. Daniel L. McFadden, 2013. "The New Science of Pleasure," NBER Working Papers 18687, National Bureau of Economic Research, Inc.
  4. Andrés Carvajal, 2010. "The testable implications of competitive equilibrium in economies with externalities," Economic Theory, Springer, vol. 45(1), pages 349-378, October.

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