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Testing Data for Consistency with Revealed Preference

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  • Gross, John
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    Abstract

    The author develops a method of hypothesis testing for revealed preference tests. This method is particularly well suited to tests of commonality of tastes or tests of preference stability. He devises a metric based on an estimate of the fraction of expenditure wasted in maximizing utility if all consumers in the sample share the same utility function. This metric increases in size with increases in the proportion of observations having different tastes and with increasing differences in tastes. The author proposes bootstrap methods for estimating the distribution of the test statistic. Copyright 1995 by MIT Press.

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    Bibliographic Info

    Article provided by MIT Press in its journal Review of Economics & Statistics.

    Volume (Year): 77 (1995)
    Issue (Month): 4 (November)
    Pages: 701-10

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    Handle: RePEc:tpr:restat:v:77:y:1995:i:4:p:701-10

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    Web page: http://mitpress.mit.edu/journals/

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    Web: http://mitpress.mit.edu/journal-home.tcl?issn=00346535

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    Cited by:
    1. James Andreoni & William Harbaugh, 2005. "Power Indicies for Revealed Preference Tests," Levine's Bibliography 784828000000000181, UCLA Department of Economics.
    2. Bergh , Andreas & Nilsson, Therese, 2008. "Do economic liberalization and globalization increase income inequality?," Working Papers 2008:12, Lund University, Department of Economics.
    3. Fleissig, Adrian R. & Whitney, Gerald A., 2007. "Testing additive separability," Economics Letters, Elsevier, vol. 96(2), pages 215-220, August.
    4. Jim Engle-Warnick & Natalia Mishagina, 2014. "Insensitivity to Prices in a Dictator Game," CIRANO Working Papers 2014s-19, CIRANO.
    5. Elger, Thomas & Jones, Barry E., 2008. "Can rejections of weak separability be attributed to random measurement errors in the data?," Economics Letters, Elsevier, vol. 99(1), pages 44-47, April.
    6. Jones, Barry E. & Stracca, Livio, 2006. "Are money and consumption additively separable in the euro area? A non-parametric approach," Working Paper Series 0704, European Central Bank.
    7. Gross, John, 1995. "Heterogeneity of preferences for local public goods: The case of private expenditure on public education," Journal of Public Economics, Elsevier, vol. 57(1), pages 103-127, May.
    8. D. Wade Hands, 2014. "Paul Samuelson and Revealed Preference Theory," History of Political Economy, Duke University Press, vol. 46(1), pages 85-116, Spring.
    9. Fleissig, Adrian R. & Whitney, Gerald A., 2008. "A nonparametric test of weak separability and consumer preferences," Journal of Econometrics, Elsevier, vol. 147(2), pages 275-281, December.
    10. Per Hjertstrand & James Swofford, 2012. "Revealed preference tests for consistency with weakly separable indirect utility," Theory and Decision, Springer, vol. 72(2), pages 245-256, February.
    11. Mark Dean & Daniel Martin, 2011. "Testing for Rationality with Consumption Data: Demographics and Heterogeneity," Working Papers 2011-11, Brown University, Department of Economics.

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