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An Experiment on the Pure Theory of Consumer's Behaviour

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Author Info
Reinhard Sippel
Abstract

By checking whether consumer demand satis es the axioms of revealed preference, one can test the empirical validity of the neoclassical theory of consumer behaviour. However, applying the axioms to actual consumer purchase data is di cult, if not impossible, since serious problems of both a methodological and practical nature arise. This paper, after commenting on the few previous empirical studies, reports an experimental approach to revealed preference theory. Data were obtained through a controlled experiment that involved real consumption of the goods chosen. We nd that our subjects often violated the axioms.

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File URL: ftp://web.bgse.uni-bonn.de/pub/RePEc/bon/bonsfb/bonsfb274.ps
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Publisher Info
Paper provided by University of Bonn, Germany in its series Discussion Paper Serie B with number 274.

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Date of creation: Aug 1995
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Handle: RePEc:bon:bonsfb:274

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Postal: Bonn Graduate School of Economics, University of Bonn, Adenauerallee 24 - 26, 53113 Bonn, Germany
Fax: +49 228 73 9221
Web page: http://www.bgse.uni-bonn.de/index.php?id=517

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Related research
Keywords: Countertrade; sovereign debt; creditworthiness.;

Find related papers by JEL classification:
C91 - Mathematical and Quantitative Methods - - Design of Experiments - - - Laboratory, Individual Behavior
D12 - Microeconomics - - Household Behavior - - - Consumer Economics: Empirical Analysis

References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:

  1. Hardle, Wolfgang & Hildenbrand, Werner & Jerison, Michael, 1991. "Empirical Evidence on the Law of Demand," Econometrica, Econometric Society, vol. 59(6), pages 1525-49, November. [Downloadable!] (restricted)
    Other versions:
  2. Varian, Hal R, 1982. "The Nonparametric Approach to Demand Analysis," Econometrica, Econometric Society, vol. 50(4), pages 945-73, July. [Downloadable!] (restricted)
  3. Battalio, Raymond C, et al, 1981. "Commodity-Choice Behavior with Pigeons as Subjects," Journal of Political Economy, University of Chicago Press, vol. 89(1), pages 67-91, February. [Downloadable!] (restricted)
  4. Chalfant, James A & Alston, Julian M, 1988. "Accounting for Changes in Tastes," Journal of Political Economy, University of Chicago Press, vol. 96(2), pages 391-410, April. [Downloadable!] (restricted)
  5. Sen, Amartya K, 1973. "Behaviour and the Concept of Preference," Economica, London School of Economics and Political Science, vol. 40(159), pages 241-59, August. [Downloadable!] (restricted)
  6. Pollak, Robert A, 1990. "Distinguished Fellow: Houthakker's Contributions to Economics," Journal of Economic Perspectives, American Economic Association, vol. 4(2), pages 141-56, Spring. [Downloadable!] (restricted)
    Other versions:
  7. Polemarchakis, Heraklis M, 1983. "Expectations, Demand, and Observability," Econometrica, Econometric Society, vol. 51(3), pages 565-74, May. [Downloadable!] (restricted)
  8. Afriat, S N, 1973. "On a System of Inequalities in Demand Analysis: An Extension of the Classical Method," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 14(2), pages 460-72, June. [Downloadable!] (restricted)
  9. MacCrimmon, K R & Toda, M, 1969. "The Experimental Determination of Indifference Curves," Review of Economic Studies, Blackwell Publishing, vol. 36(108), pages 433-51, October. [Downloadable!] (restricted)
  10. Jerison, David & Jerison, Michael, 1993. "Approximately Rational Consumer Demand," Economic Theory, Springer, vol. 3(2), pages 217-41, April.
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  11. Matzkin, Rosa L. & Richter, Marcel K., 1991. "Testing strictly concave rationality," Journal of Economic Theory, Elsevier, vol. 53(2), pages 287-303, April. [Downloadable!] (restricted)
  12. Mossin, Axel, 1972. "A Mean Demand Function and Individual Demand Functions Confronted with the Weak and the Strong Axioms of Revealed Preference: An Empirical Test," Econometrica, Econometric Society, vol. 40(1), pages 177-92, January. [Downloadable!] (restricted)
  13. Koo, Anthony Y C & Hasenkamp, Georg, 1972. "Structure of Revealed Preference: Some Preliminary Evidence," Journal of Political Economy, University of Chicago Press, vol. 80(4), pages 724-44, July-Aug.. [Downloadable!] (restricted)
  14. Knetsch, Jack L., 1992. "Preferences and nonreversibility of indifference curves," Journal of Economic Behavior & Organization, Elsevier, vol. 17(1), pages 131-139, January. [Downloadable!] (restricted)
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Cited by:
(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. Reinhard Sippel, 1996. "A Note on the Power of Revealed Preference Tests with Afriat Inefficiency," Discussion Paper Serie A 303 DP No. A--528, University of Bonn, Germany. [Downloadable!]
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