Richard Blundell (University College London) Martin Browning (Institute of Economics, University of Copenhagen) Ian Crawford (University College London)
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This paper applies revealed preference theory to the nonparametric statistical analysis of consumer demand. It exploits the idea that price-taking individual households in the same market face the same relative prices, in order to smooth across the demands of individuals for each common price regime. This is shown to provide a stochastic structure within which to examine the consistency of household level data and revealed preference theory. An application is made to a long time series of repeated cross-sections from the 1974-1993 UK Family Expenditure Surveys. The consistency of this data with revealed preference theory is examined. Where rejections do occur, suitable adjustments to prices for quality or taste changes are explored. For periods of consistency with revealed preference bounds are placed on true cost of living indices.
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Paper provided by University of Copenhagen. Department of Economics in its series Discussion Papers with number
99-07.
Length: 64 pages Date of creation: Jul 1998 Date of revision: Handle: RePEc:kud:kuiedp:9907
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Find related papers by JEL classification: C43 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods: Special Topics - - - Index Numbers and Aggregation D11 - Microeconomics - - Household Behavior - - - Consumer Economics: Theory
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