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A Study of Consumer Behavior Using Laboratory Data

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Author Info
Philippe Fevrier (CREST - LEI)
Michael Visser (CREST-LEI)

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Abstract

This paper reports the results of an experiment on individual consumer behavior. The experiment was designed to address the following questions. Do participants behave as utility-maximizing agents? Are there variables (socio-economic characteristics, experimental conditions) that have an effect on the probability of being non-rational? And finally, to what extent does the presence of non-rational individuals affect the estimation results of demand equations? Revealed preference tests indicate that 29% of the individuals do not behave as utility-maximizing agents. Gender and the times spent on performing experimental tasks have a significant effect on the likelihood of being non-rational, but the level of remuneration does not. The estimation results of some commonly used demand systems and tests of the Slutsky restrictions are affected by the presence of non-rational individuals in the experimental sample.

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Paper provided by Econometric Society in its series Econometric Society World Congress 2000 Contributed Papers with number 1095.

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Date of creation: 01 Aug 2000
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Handle: RePEc:ecm:wc2000:1095

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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. Varian, Hal R., 1988. "Revealed preference with a subset of goods," Journal of Economic Theory, Elsevier, vol. 46(1), pages 179-185, October. [Downloadable!] (restricted)
  2. Varian, Hal R, 1982. "The Nonparametric Approach to Demand Analysis," Econometrica, Econometric Society, vol. 50(4), pages 945-73, July. [Downloadable!] (restricted)
  3. Cox, James C, 1997. "On Testing the Utility Hypothesis," Economic Journal, Royal Economic Society, vol. 107(443), pages 1054-78, July. [Downloadable!] (restricted)
  4. Blundell, Richard & Pashardes, Panos & Weber, Guglielmo, 1993. "What Do We Learn About Consumer Demand Patterns from Micro Data?," American Economic Review, American Economic Association, vol. 83(3), pages 570-97, June. [Downloadable!] (restricted)
  5. 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!]
  6. Varian, Hal R, 1983. "Non-Parametric Tests of Consumer Behaviour," Review of Economic Studies, Blackwell Publishing, vol. 50(1), pages 99-110, January. [Downloadable!] (restricted)
  7. Philippe Fevrier & Michael Visser, 2000. "A Study of Consumer Behavior Using Laboratory Data," Econometric Society World Congress 2000 Contributed Papers 1095, Econometric Society. [Downloadable!]
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  8. John H. Kagel & Raymond C. Battalio & Leonard Green, 1995. "Economic Choice Theory. An Experimental Analysis of Animal Behavior," Framed Field Experiments 0034, The Field Experiments Website.
  9. Sippel, Reinhard, 1997. "An Experiment on the Pure Theory of Consumer's Behaviour," Economic Journal, Royal Economic Society, vol. 107(444), pages 1431-44, September. [Downloadable!] (restricted)
  10. Battalio, Raymond C & Dwyer, Gerald P, Jr & Kagel, John H, 1987. "Tests of Competing Theories of Consumer Choice and the Representative Consumer Hypothesis," Economic Journal, Royal Economic Society, vol. 97(388), pages 842-56, December. [Downloadable!] (restricted)
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(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. Paola Manzini & Marco Mariotti, 2006. "Two-Stage Boundedly Rational Choice Procedures: Theory and Experimental Evidence," IZA Discussion Papers 2341, Institute for the Study of Labor (IZA). [Downloadable!]
    Other versions:
  2. Philippe Février & Michael Visser, 2004. "A Study of Consumer Behavior Using Laboratory Data," Experimental Economics, Springer, vol. 7(1), pages 93-114, February. [Downloadable!] (restricted)
    Other versions:
  3. Marc-Arthur Diaye & Michal Wong-Urdanivia, 2005. "A simple test of Richter-rationality," Cahiers de la Maison des Sciences Economiques b06008, Université Panthéon-Sorbonne (Paris 1). [Downloadable!]
    Other versions:
  4. James C. Cox, 2009. "Some Issues of Methods, Theories, and Experimental Designs," Experimental Economics Center Working Paper Series 2009-02, Experimental Economics Center, Andrew Young School of Policy Studies, Georgia State University. [Downloadable!]
  5. James Andreoni & William T. Harbaugh, 2006. "Power Indices for Revealed Preference Tests," Levine's Bibliography 122247000000001257, UCLA Department of Economics. [Downloadable!]
    Other versions:
  6. Pires Gonçalves, Ricardo, 2008. "Consumer Behavior: Product Characteristics and Quality Perception," MPRA Paper 11142, University Library of Munich, Germany. [Downloadable!]
  7. Douglas D. Davis & Edward L. Millner, 2004. "Rebates, Matches, and Consumer Behavior," Working Papers 0401, VCU School of Business, Department of Economics. [Downloadable!]
    Other versions:
  8. repec:att:wimass:1920510 is not listed on IDEAS
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