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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- Subir Bose & Matthew Polisson & Ludovic Renou, 2012. "Ambiguity Revealed," Discussion Papers in Economics 12/07, Department of Economics, University of Leicester.
- 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.
- Ralph Bayer & Subir Bose & Matthew Polisson & Ludovic Renou, 2013. "Ambiguity revealed," IFS Working Papers W13/05, Institute for Fiscal Studies.
- Hal R. Varian, 1983. "Non-parametric Tests of Consumer Behaviour," Review of Economic Studies, Oxford University Press, vol. 50(1), pages 99-110.
- Green, Richard C. & Srivastava, Sanjay, 1986. "Expected utility maximization and demand behavior," Journal of Economic Theory, Elsevier, vol. 38(2), pages 313-323, April.
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- repec:dau:papers:123456789/4099 is not listed on IDEAS Full references (including those not matched with items on IDEAS)