On Testing the Utility Hypothesis
In order to be able to conduct a test of the (core) utility hypothesis that is not confounded with tests of (subsidiary) hypotheses that economic agents all have the same preferences and that their preferences are weakly separable, it is necessary to use data that are disaggregated and complete. In order to carry out a utility hypothesis test with complete data, revealed preference theory must first be extended. The generalized axiom of revealed preference is extended to include labor supply and portfolio choice. Then a complete, disaggregated data set is used to test the utility hypothesis and two preference separability hypotheses. Copyright 1997 by Royal Economic Society.
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Volume (Year): 107 (1997)
Issue (Month): 443 (July)
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