Revealed preference tests under risk and uncertainty
Consider a finite data set where each observation consists of a bundle of contingent consumption chosen from a constraint set of contingent consumption bundles. We develop a general procedure for testing the consistency of such a data set with a broad class of models of choice under risk or uncertainty. Unlike previous tests, we do not require that the agent has a concave Bernoulli utility function.
|Date of creation:||Dec 2013|
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References listed on IDEAS
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- Subir Bose & Matthew Polisson & Ludovic Renou, 2012.
Discussion Papers in Economics
12/07, Department of Economics, University of Leicester.
- Ralph Bayer & Subir Bose & Matthew Polisson & Ludovic Renou, 2013. "Ambiguity revealed," IFS Working Papers W13/05, Institute for Fiscal Studies.
- Ralph-C Bayer & Subir Bose & Matthew Polisson & Ludovic Renou, 2013. "Ambiguity Revealed," School of Economics Working Papers 2013-05, University of Adelaide, School of Economics.
- Anna Fostel & Herbert E. Scarf & Michael J. Todd, 2003.
"Two New Proofs of Afriat's Theorem,"
Cowles Foundation Discussion Papers
1415, Cowles Foundation for Research in Economics, Yale University.
- 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.
- Herbert E. Scarf & Ana Fostel & Michael J. Todd, 2004. "Two New Proofs of Afriat's Theorem," Yale School of Management Working Papers ysm377, Yale School of Management.
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"Afriat's theorem for general budget sets,"
Journal of Economic Theory,
Elsevier, vol. 144(1), pages 135-145, January.
- Hal R. Varian, 1983. "Non-parametric Tests of Consumer Behaviour," Review of Economic Studies, Oxford University Press, vol. 50(1), pages 99-110.
- W. E. Diewert, 1973. "Afriat and Revealed Preference Theory," Review of Economic Studies, Oxford University Press, vol. 40(3), pages 419-425.
- repec:dau:papers:123456789/4099 is not listed on IDEAS
- Varian, Hal R, 1982. "The Nonparametric Approach to Demand Analysis," Econometrica, Econometric Society, vol. 50(4), pages 945-973, July.
- Syngjoo Choi & Raymond Fisman & Douglas Gale & Shachar Kariv, 2007. "Consistency and Heterogeneity of Individual Behavior under Uncertainty," American Economic Review, American Economic Association, vol. 97(5), pages 1921-1938, December.
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