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A Study of Consumer Behavior Using Laboratory Data

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  • Philippe Fevrier

    (CREST - LEI)

  • Michael Visser

    (CREST-LEI)

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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Bibliographic Info

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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  1. Philippe Fevrier & Michael Visser, 2000. "A Study of Consumer Behavior Using Laboratory Data," Econometric Society World Congress 2000 Contributed Papers 1095, Econometric Society.
  2. Cox, James C, 1997. "On Testing the Utility Hypothesis," Economic Journal, Royal Economic Society, vol. 107(443), pages 1054-78, July.
  3. Varian, Hal R, 1982. "The Nonparametric Approach to Demand Analysis," Econometrica, Econometric Society, vol. 50(4), pages 945-73, July.
  4. 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.
  5. Varian, Hal R, 1983. "Non-Parametric Tests of Consumer Behaviour," Review of Economic Studies, Wiley Blackwell, vol. 50(1), pages 99-110, January.
  6. 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.
  7. 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.
  8. Varian, Hal R., 1988. "Revealed preference with a subset of goods," Journal of Economic Theory, Elsevier, vol. 46(1), pages 179-185, October.
  9. John Kagel & Raymond Battalio & Leonard Green, 1995. "Economic choice theory. an experimental analysis of animal behavior," Framed Field Experiments 00166, The Field Experiments Website.
  10. 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.
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Cited by:
  1. Philippe Fevrier & Michael Visser, 2000. "A Study of Consumer Behavior Using Laboratory Data," Econometric Society World Congress 2000 Contributed Papers 1095, Econometric Society.
  2. repec:hal:journl:halshs-00376747 is not listed on IDEAS
  3. Marc-Arthur Diaye & François Gardes & Christophe Starzec, 2009. "GARP violation, economic environment distortions and shadow prices : Evidence from household expenditure panel data," Documents de travail du Centre d'Economie de la Sorbonne 09020, Université Panthéon-Sorbonne (Paris 1), Centre d'Economie de la Sorbonne.
  4. Douglas D. Davis & Edward L. Millner, 2004. "Rebates, Matches, and Consumer Behavior," Working Papers 0401, VCU School of Business, Department of Economics.
  5. Ivan Moscati & Paola Tubaro, 2009. "Random behavior and the as-if defense of rational choice theory in demand experiments," LSE Research Online Documents on Economics 27001, London School of Economics and Political Science, LSE Library.
  6. Pires Gonçalves, Ricardo, 2008. "Consumer Behavior: Product Characteristics and Quality Perception," MPRA Paper 11142, University Library of Munich, Germany.
  7. James Andreoni & William T. Harbaugh, 2006. "Power Indices for Revealed Preference Tests," Levine's Bibliography 122247000000001257, UCLA Department of Economics.
  8. repec:hal:journl:halshs-00449463 is not listed on IDEAS
  9. 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).
  10. Paola Manzini & Marco Mariotti, 2006. "Two-stage Boundedly Rational Choice Procedures: Theory and Experimental Evidence," Working Papers 561, Queen Mary, University of London, School of Economics and Finance.
  11. Cox, James C., 2010. "Some issues of methods, theories, and experimental designs," Journal of Economic Behavior & Organization, Elsevier, vol. 73(1), pages 24-28, January.

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