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Presidential Address: How Revealing Is Revealed Preference?

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  • Richard Blundell

    (University College London and Institute for Fiscal Studies,)

Abstract

This lecture address the following two key criticisms of the empirical application of revealed preference theory: When the RP conditions do not reject, they do not provide precise predictions; and when they do reject, they do not help characterize the nature of irrationality or the degree/direction of changing tastes. Recent developments in the application of RP theory are shown to have rendered these criticisms unfounded. A powerful test of rationality is available that also provides a natural characterization of changing tastes. Tight bounds on demand responses and on the welfare costs of relative price and tax changes are also available and are shown to work well in practice. (JEL: D11, D12, C14) Copyright (c) 2005 The European Economic Association.

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Bibliographic Info

Article provided by MIT Press in its journal Journal of the European Economic Association.

Volume (Year): 3 (2005)
Issue (Month): 2-3 (04/05)
Pages: 211-235

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Handle: RePEc:tpr:jeurec:v:3:y:2005:i:2-3:p:211-235

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Cited by:
  1. Blundell, R. & Browning, M. & Cherchye, L.J.H. & Crawford, I. & Rock, B. de & Vermeulen, F.M.P., 2012. "Sharp for SARP: Nonparametric Bounds on the Behavioural and Welfare Effects of Price Changes," Discussion Paper 2012-065, Tilburg University, Center for Economic Research.
  2. Richard Blundell & Joel Horowitz & Matthias Parey, 2013. "Nonparametric estimation of a heterogeneous demand function under the Slutsky inequality restriction," CeMMAP working papers CWP54/13, Centre for Microdata Methods and Practice, Institute for Fiscal Studies.
  3. Michele Lombardi, 2007. "What Kind of Preference Maximization Does the Weak Axiom of Revealed Non-inferiority Characterize?," Working Papers 606, Queen Mary, University of London, School of Economics and Finance.

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