An Experiment on the Pure Theory of Consumer's Behaviour
AbstractBy 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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Bibliographic InfoPaper provided by University of Bonn, Germany in its series Discussion Paper Serie B with number 274.
Date of creation: Aug 1995
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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
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