Consumer Demand Analysis According To Garp
The nonparametric approach to consumer-demand analysis-based on revealed-preference axioms-is reviewed. Particular attention is paid to questions of size and power of tests for consistency of data with the existence of a stable, well-behaved utility function that could have generated the data. An application to Australian meat demand is used to show how these notions can be quantified and how prior information about elasticities, following Sakong and Hayes, may be used to increase the power of the approach.
Volume (Year): 21 (1992)
Issue (Month): 2 (October)
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- William J. Martin & Darrell Porter, 1985.
"Testing For Changes In The Structure Of The Demand For Meat In Australia,"
Australian Journal of Agricultural and Resource Economics,
Australian Agricultural and Resource Economics Society, vol. 29(1), pages 16-31, 04.
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1986-006, Federal Reserve Bank of St. Louis.
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- Chalfant, James A & Alston, Julian M, 1988. "Accounting for Changes in Tastes," Journal of Political Economy, University of Chicago Press, vol. 96(2), pages 391-410, April.
- Alston, Julian M. & Chalfant, James A., 1991. "Can We Take The Con Out Of Meat Demand Studies?," Western Journal of Agricultural Economics, Western Agricultural Economics Association, vol. 16(01), July.
- Yong Sakong & Dermot J. Hayes, 1992. "Test for the Consistency of Demand Data with Consumer Preference Theory, A," Center for Agricultural and Rural Development (CARD) Publications 92-wp87, Center for Agricultural and Rural Development (CARD) at Iowa State University.
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