A Comprehensive Approach to Revealed Preference Theory
نویسندگان
چکیده
منابع مشابه
A Comprehensive Approach to Revealed Preference Theory∗
We develop a version of Afriat’s Theorem that is applicable to a variety of choice environments, beyond the setting of classical consumer theory. This allows us to devise tests for rationalizability in the context of choice data on lotteries, contingent consumption, and intertemporal consumption. We also establish a version of Richter’s Theorem that characterizes the strict rationalizability of...
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Pioneered by American economist Paul Samuelson, revealed preference theory is based on the idea that the preferences of consumers are revealed in their purchasing behavior. Researchers in this field have developed complex and sophisticated mathematical models to capture the preferences that are “revealed” through consumer choice behavior. This study of consumer demand and behavior is closely ti...
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Quite oddly, it is extremely seldom in the literature for economists to concern with the critical investigation to revealed preference theory during its seventy-five years history since 1938 when Samuelson first proposed it, so that even if a critical glance at the initial notion of revealed preference can bring us surprising findings which will be enough to reverse the traditional view on this...
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I characterize joint choice behavior generated by the pure strategy Nash equilibrium solution concept by an extension of the Congruence Axiom of Richter(1966) to multiple agents. At the same time, I relax the “complete domain” assumption of Yanovskaya(1980) and Sprumont(2000) to “closed domain.” Without any restrictions on the domain of the choice correspondence, determining pure strategy Nash ...
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ژورنال
عنوان ژورنال: American Economic Review
سال: 2017
ISSN: 0002-8282
DOI: 10.1257/aer.20150947