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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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)

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