Revealed Price Preference: Theory and Stochastic Testing
We develop a model of demand where consumers trade-off the utility of consumption against the disutility of expenditure. This model is appropriate whenever a consumer's demand over a strict subset of all available goods is being analyzed. Data sets consistent with this model are characterized by the absence of revealed preference cycles over prices. The model is readily generalized to the random utility setting, for which we develop nonparametric statistical tests. Our application on national household consumption data provides support for the model.
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- Forges, Françoise & Minelli, Enrico, 2009.
"Afriat's theorem for general budget sets,"
Journal of Economic Theory,
Elsevier, vol. 144(1), pages 135-145, January.
- Francoise Forges & Enrico Minelli, 2006. "Afriat’s Theorem for General Budget Sets," CESifo Working Paper Series 1703, CESifo Group Munich.
- Francoise Forges & Enrico Minelli, 2006. "Afriat's Theorem for General Budget Sets," Working Papers ubs0609, University of Brescia, Department of Economics.
- John Quah, 2014. "A test for weakly separable preferences," Economics Series Working Papers 708, University of Oxford, Department of Economics.
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