Consumer Choice and Revealed Bounded Rationality

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Consumer Choice and Revealed Bounded Rationality

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Paola Manzini (Queen Mary, University of London and IZA)
Marco Mariotti (Queen Mary, University of London)

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Abstract

We study two boundedly rational procedures in consumer behavior. We show that these procedures can be detected by conditions on observable demand data of the same type as standard revealed preference axioms. This provides the basis for a non-parametric analysis of boundedly rational consumer behavior mirroring the classical one for utility maximization.

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Paper provided by Queen Mary, University of London, Department of Economics in its series Working Papers with number 571.

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Date of creation: Sep 2006
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Handle: RePEc:qmw:qmwecw:wp571

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Article
- Paola Manzini & Marco Mariotti, 2009. "Consumer choice and revealed bounded rationality," Economic Theory, Springer, vol. 41(3), pages 379-392, December. [Downloadable!] (restricted)

Find related papers by JEL classification:
D1 - Microeconomics - - Household Behavior
D11 - Microeconomics - - Household Behavior - - - Consumer Economics: Theory

This paper has been announced in the following NEP Reports:

NEP-ALL-2006-09-23 (All new papers)
NEP-CBE-2006-09-23 (Cognitive & Behavioural Economics)
NEP-DCM-2006-09-23 (Discrete Choice Models)
NEP-KNM-2006-09-23 (Knowledge Management & Knowledge Economy)
NEP-MIC-2006-09-23 (Microeconomics)
NEP-MKT-2006-09-23 (Marketing)
NEP-UPT-2006-09-23 (Utility Models & Prospect Theory)

References listed on IDEAS
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.:

Faruk Gul & Wolfgang Pesendorfer, 2004. "Self-Control and the Theory of Consumption," Econometrica, Econometric Society, vol. 72(1), pages 119-158, 01. [Downloadable!] (restricted)
Other versions:
- W. Pesendorfer & F. Gul, 1999. "Self-Control and the Theory of Consumption," Princeton Economic Theory Papers 99f2, Economics Department, Princeton University.
Varian, Hal R, 1982. "The Nonparametric Approach to Demand Analysis," Econometrica, Econometric Society, vol. 50(4), pages 945-73, July. [Downloadable!] (restricted)
Paola Manzini & Marco Mariotti, 2007. "Sequentially Rationalizable Choice," American Economic Review, American Economic Association, vol. 97(5), pages 1824-1839, December. [Downloadable!]
Marco Mariotti, 2008. "What kind of preference maximization does the weak axiom of revealed preference characterize?," Economic Theory, Springer, vol. 35(2), pages 403-406, May. [Downloadable!] (restricted)
Gil Kalai & Ariel Rubinstein & Ran Spiegler, 2002. "Rationalizing Choice Functions By Multiple Rationales," Econometrica, Econometric Society, vol. 70(6), pages 2481-2488, November. [Downloadable!] (restricted)
Other versions:
- Gil Kalai & Ariel Rubinstein & Ran Spiegler, 2001. "Rationalizing Choice Functions by Multiple Rationales," Discussion Paper Series dp278, Center for Rationality and Interactive Decision Theory, Hebrew University, Jerusalem. [Downloadable!]
Clark, Stephen A, 1988. "An Extension Theorem for Rational Choice Functions," Review of Economic Studies, Blackwell Publishing, vol. 55(3), pages 485-92, July. [Downloadable!] (restricted)
Kim, Taesung & Richter, Marcel K., 1986. "Nontransitive-nontotal consumer theory," Journal of Economic Theory, Elsevier, vol. 38(2), pages 324-363, April. [Downloadable!] (restricted)
Ariel Rubinstein & Yuval Salant, 2007. "(A,f) Choice with Frames," Levine's Bibliography 843644000000000029, UCLA Department of Economics. [Downloadable!]
Campbell, Donald E., 1986. "Revealed preference and demand correspondences," Journal of Economic Theory, Elsevier, vol. 38(2), pages 364-370, April. [Downloadable!] (restricted)
Faruk Gul & Wolfgang Pesendorfer, 2001. "Temptation and Self-Control," Econometrica, Econometric Society, vol. 69(6), pages 1403-1435, November. [Downloadable!] (restricted)
Other versions:
- W. Pesendorfer & F. Gul, 1999. "Temptation and Self-Control," Princeton Economic Theory Papers 99f1, Economics Department, Princeton University.
Chiappori, Pierre-Andre, 1988. "Rational Household Labor Supply," Econometrica, Econometric Society, vol. 56(1), pages 63-90, January. [Downloadable!] (restricted)

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