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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)

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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References

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  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.
  2. Varian, Hal R, 1983. "Non-Parametric Tests of Consumer Behaviour," Review of Economic Studies, Wiley Blackwell, vol. 50(1), pages 99-110, January.
  3. 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.
  4. John Kagel & Raymond Battalio & Leonard Green, 1995. "Economic choice theory. an experimental analysis of animal behavior," Framed Field Experiments 00166, The Field Experiments Website.
  5. 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.
  6. Varian, Hal R, 1982. "The Nonparametric Approach to Demand Analysis," Econometrica, Econometric Society, vol. 50(4), pages 945-73, July.
  7. 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.
  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. Cox, James C, 1997. "On Testing the Utility Hypothesis," Economic Journal, Royal Economic Society, vol. 107(443), pages 1054-78, July.
  10. Philippe Fevrier & Michael Visser, 2000. "A Study of Consumer Behavior Using Laboratory Data," Econometric Society World Congress 2000 Contributed Papers 1095, Econometric Society.
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Citations

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Cited by:
  1. Andreoni,J. & Harbaugh,W.T., 2005. "Power indices for revealed preference tests," Working papers 10, Wisconsin Madison - Social Systems.
  2. Pires Gonçalves, Ricardo, 2008. "Consumer Behavior: Product Characteristics and Quality Perception," MPRA Paper 11142, University Library of Munich, Germany.
  3. repec:hal:journl:halshs-00376747 is not listed on IDEAS
  4. Manzini, Paola & Mariotti, Marco, 2006. "Two-Stage Boundedly Rational Choice Procedures: Theory and Experimental Evidence," IZA Discussion Papers 2341, Institute for the Study of Labor (IZA).
  5. 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).
  6. 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.
  7. Philippe Février & Michael Visser, 2000. "AStudyof Consumer Behavior Using Laboratory Data," Working Papers 2000-12, Centre de Recherche en Economie et Statistique.
  8. repec:hal:journl:halshs-00449463 is not listed on IDEAS
  9. repec:hal:cesptp:halshs-00449463 is not listed on IDEAS
  10. Douglas D. Davis & Edward L. Millner, 2005. "Rebates, Matches, and Consumer Behavior," Southern Economic Journal, Southern Economic Association, vol. 72(2), pages 410–421, October.
  11. 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.

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