An Experiment on the Pure Theory of Consumer's Behaviour
By checking whether consumer demand satisfies the axioms of revealed preference, one can test the empirical validity of the neoclassical theory of consumer behavior. However, applying the axioms to actual consumer purchase data is difficult, if not impossible, since it poses serious problems of both a methodological and a practical nature. After commenting on the few existing empirical studies in this field, the author summarizes the results from an experimental approach to revealed preference theory. Data were obtained through a controlled experiment that involved real consumption of the goods chosen. He finds that most subjects violated the axioms. Copyright 1997 by Royal Economic Society.
Volume (Year): 107 (1997)
Issue (Month): 444 (September)
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