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Identification of consumers’ preferences when their choices are unobservable

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  • Rosa Matzkin

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Abstract

We provide conditions under which the heterogenous, deterministic preferences of consumers in a pure exchange economy can be identified from the equilibrium manifold of the economy. We extend those conditions to consider exchange economies, with two commodities, where consumers’ preferences are random. For the latter, we provide conditions under which consumers’ heterogenous random preferences can be identified from the joint distribution of equilibrium prices and endowments. The results can be applied to infer consumers’ preferences when their demands are unobservable. Copyright Springer-Verlag Berlin/Heidelberg 2005

Suggested Citation

  • Rosa Matzkin, 2005. "Identification of consumers’ preferences when their choices are unobservable," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 26(2), pages 423-443, August.
  • Handle: RePEc:spr:joecth:v:26:y:2005:i:2:p:423-443
    DOI: 10.1007/s00199-004-0543-z
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    Citations

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    Cited by:

    1. Daniel McFadden, 2014. "The new science of pleasure: consumer choice behavior and the measurement of well-being," Chapters,in: Handbook of Choice Modelling, chapter 2, pages 7-48 Edward Elgar Publishing.
    2. Andrés Carvajal & Alvaro Riascos, 2005. "The Identification Of Preferences From Market Data Under Uncertainty," DOCUMENTOS CEDE 003599, UNIVERSIDAD DE LOS ANDES-CEDE.
    3. Ruediger Bachmann, 2006. "Testable Implications of Pareto Efficiency and Individualrationality," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 29(3), pages 489-504, November.
    4. Andrés Carvajal, 2010. "The testable implications of competitive equilibrium in economies with externalities," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 45(1), pages 349-378, October.
    5. Daniel L. McFadden, 2013. "The New Science of Pleasure," NBER Working Papers 18687, National Bureau of Economic Research, Inc.
    6. Carvajal, Andres & Polemarchakis, H.M., 2008. "Identification of Pareto-improving policies: Information as the real invisible hand," Journal of Mathematical Economics, Elsevier, vol. 44(2), pages 167-179, January.

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