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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- Ralph-C Bayer & Subir Bose & Matthew Polisson & Ludovic Renou, 2013.
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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.
- Subir Bose & Matthew Polisson & Ludovic Renou, 2012. "Ambiguity Revealed," Discussion Papers in Economics 12/07, Department of Economics, University of Leicester.
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- Hal R. Varian, 1983. "Non-parametric Tests of Consumer Behaviour," Review of Economic Studies, Oxford University Press, vol. 50(1), pages 99-110.
- repec:dau:papers:123456789/4099 is not listed on IDEAS
- 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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