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A Study of Consumer Behavior Using Laboratory Data

Author Info

Listed author(s):
  • Philippe Fevrier

    (CREST - LEI)

  • Michael Visser

    (CREST-LEI)

Abstract

This paper reports the results of an experiment on individual consumer behavior. The experiment was designed to address the following questions. Do participants behave as utility-maximizing agents? Are there variables (socio-economic characteristics, experimental conditions) that have an effect on the probability of being non-rational? And finally, to what extent does the presence of non-rational individuals affect the estimation results of demand equations? Revealed preference tests indicate that 29% of the individuals do not behave as utility-maximizing agents. Gender and the times spent on performing experimental tasks have a significant effect on the likelihood of being non-rational, but the level of remuneration does not. The estimation results of some commonly used demand systems and tests of the Slutsky restrictions are affected by the presence of non-rational individuals in the experimental sample.

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Paper provided by Econometric Society in its series Econometric Society World Congress 2000 Contributed Papers with number 1095.

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Date of creation: 01 Aug 2000
Handle: RePEc:ecm:wc2000:1095
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  1. Varian, Hal R., 1988. "Revealed preference with a subset of goods," Journal of Economic Theory, Elsevier, vol. 46(1), pages 179-185, October.
  2. Varian, Hal R, 1982. "The Nonparametric Approach to Demand Analysis," Econometrica, Econometric Society, vol. 50(4), pages 945-973, July.
  3. Cox, James C, 1997. "On Testing the Utility Hypothesis," Economic Journal, Royal Economic Society, vol. 107(443), pages 1054-1078, July.
  4. Hal R. Varian, 1983. "Non-parametric Tests of Consumer Behaviour," Review of Economic Studies, Oxford University Press, vol. 50(1), pages 99-110.
  5. Philippe Février & Michael Visser, 2004. "A Study of Consumer Behavior Using Laboratory Data," Experimental Economics, Springer;Economic Science Association, vol. 7(1), pages 93-114, February.
  6. Reinhard Sippel, 1996. "A Note on the Power of Revealed Preference Tests with Afriat Inefficiency," Discussion Paper Serie A 303 DP No. A--528, University of Bonn, Germany.
  7. Blundell, Richard & Pashardes, Panos & Weber, Guglielmo, 1993. "What Do We Learn About Consumer Demand Patterns from Micro Data?," American Economic Review, American Economic Association, vol. 83(3), pages 570-597, June.
  8. Raymond Battalio & Leonard Green & John Kagel, 1995. "Economic choice theory. an experimental analysis of animal behavior," Framed Field Experiments 00166, The Field Experiments Website.
  9. Sippel, Reinhard, 1997. "An Experiment on the Pure Theory of Consumer's Behaviour," Economic Journal, Royal Economic Society, vol. 107(444), pages 1431-1444, September.
  10. Battalio, Raymond C & Dwyer, Gerald P, Jr & Kagel, John H, 1987. "Tests of Competing Theories of Consumer Choice and the Representative Consumer Hypothesis," Economic Journal, Royal Economic Society, vol. 97(388), pages 842-856, December.
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