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Goodness of fit in optimizing consumer's model

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  • Alcantud, José Carlos R.
  • Matos, Daniel L.
  • Palmero, Carlos R.

Abstract

We provide two new indices of efficiency for determining the degree of coherence in an agent's consumption decisions. We analyze to which extent they improve the efficiency displayed by Varian's (Journal of Econometrics, 1990) index. We report on the results of a Montecarlo experiment that confirms that strict improvements of Varian's vector-index appear on a regular basis.

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Bibliographic Info

Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 20134.

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Date of creation: 29 Sep 2009
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Handle: RePEc:pra:mprapa:20134

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Keywords: Consumer behavior; GARP; revealed preference; goodness of fit;

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  1. Mattei, Aurelio, 2000. "Full-scale real tests of consumer behavior using experimental data," Journal of Economic Behavior & Organization, Elsevier, vol. 43(4), pages 487-497, December.
  2. Varian, Hal R, 1982. "The Nonparametric Approach to Demand Analysis," Econometrica, Econometric Society, vol. 50(4), pages 945-73, July.
  3. Aurelio Mattei, 1994. "La cohérence des choix des consommateurs suisses," Swiss Journal of Economics and Statistics (SJES), Swiss Society of Economics and Statistics (SSES), vol. 130(I), pages 3-20, March.
  4. Tsur, Yacov, 1989. "On Testing For Revealed Preference Conditions," Staff Papers 14264, University of Minnesota, Department of Applied Economics.
  5. Varian, Hal R., 1990. "Goodness-of-fit in optimizing models," Journal of Econometrics, Elsevier, vol. 46(1-2), pages 125-140.
  6. Deaton, Angus S & Muellbauer, John, 1980. "An Almost Ideal Demand System," American Economic Review, American Economic Association, vol. 70(3), pages 312-26, June.
  7. 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.
  8. Afriat, S N, 1973. "On a System of Inequalities in Demand Analysis: An Extension of the Classical Method," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 14(2), pages 460-72, June.
  9. Tsur, Yacov, 1989. "On testing for revealed preference conditions," Economics Letters, Elsevier, vol. 31(4), pages 359-362, December.
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