The Money Pump as a Measure of Revealed Preference Violations
نویسندگان
چکیده
منابع مشابه
The Money Pump as a Measure of Revealed Preference Violations
We introduce a measure of the severity of violations of the revealed preference axioms, which we call the money pump index (MPI). The measure is based on the idea that a consumer who violates the axioms is subject to being exploited as a money pump. The MPI has a simple interpretation as the certain dollar amount that can be extracted from a consumer who behaves irrationally. We carry out an em...
متن کاملRevealed Preference Tests Using Supermarket Data: the Money Pump
We use a money pump argument to measure deviations from the revealed preference axioms. Using a panel data set of food expenditures, we find a large number of violations of the weak axiom of revealed preference. The money pump costs are small, which indicate that the violations of revealed preference are not severe. While most households’ behavior deviates from rationality, by our measure they ...
متن کاملDivision of the Humanities and Social Sciences California Institute of Technology Pasadena, California 91125 Revealed Preference Tests Using Supermarket Data: the Money Pump
We use a money pump argument to measure deviations from the revealed preference axioms. Using a panel data set of food expenditures, we find a large number of violations of the weak axiom of revealed preference. The money pump costs are small, which indicate that the violations of revealed preference are not severe. While most households’ behavior deviates from rationality, by our measure they ...
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ژورنال
عنوان ژورنال: Journal of Political Economy
سال: 2011
ISSN: 0022-3808,1537-534X
DOI: 10.1086/665011