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Goods versus characteristics: dimension reduction and revealed preference

  • Matthew Polisson

    ()

    (Institute for Fiscal Studies and University of Leicester)

This paper compares the goods and characteristics models of the consumer within a non-parametric revealed preference framework. Of primary interest is to make a comparison on the basis of predictive success that takes into account dimension reduction. This allows us to nonparametrically identify the model which best fits the data. We implement these procedures on household panel data from the UK milk market. The primary result is that the better fit of the characteristics model is entirely attributable to dimension reduction.

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File URL: http://www.ifs.org.uk/wps/wp1202.pdf
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Paper provided by Institute for Fiscal Studies in its series IFS Working Papers with number W12/02.

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Date of creation: Mar 2012
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Handle: RePEc:ifs:ifsewp:12/02
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  1. Matthew Polisson & John Quah, 2012. "Revealed Preference in a Discrete Consumption Space," Discussion Papers in Economics 12/02, Department of Economics, University of Leicester, revised Feb 2012.
  2. Martin Browning & Laura Blow, 2006. "Revealed Preference Analysis of Characteristics Models," Economics Series Working Papers 282, University of Oxford, Department of Economics.
  3. Andrew Leicester & Zo� Oldfield, 2009. "Using Scanner Technology to Collect Expenditure Data," Fiscal Studies, Institute for Fiscal Studies, vol. 30(Special I), pages 309-337, December.
  4. Timothy K. M. Beatty & Ian A. Crawford, 2011. "How Demanding Is the Revealed Preference Approach to Demand?," American Economic Review, American Economic Association, vol. 101(6), pages 2782-95, October.
  5. M.J. Todd & A. Fostel & H.E. Scarf, 2004. "Two New Proofs of Afriat's Theorem," Econometric Society 2004 North American Summer Meetings 632, Econometric Society.
  6. Rachel Griffith & Lars Nesheim, 2010. "Estimating households' willingness to pay," CeMMAP working papers CWP24/10, Centre for Microdata Methods and Practice, Institute for Fiscal Studies.
  7. James Banks & Richard Blundell & Arthur Lewbel, 1997. "Quadratic Engel Curves And Consumer Demand," The Review of Economics and Statistics, MIT Press, vol. 79(4), pages 527-539, November.
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