Goodness-of-Fit for Revealed Preference Tests
نویسنده
چکیده
I describe a goodness-of-fit measure for revealed preference tests. This index can be used to measure the degree to which an economic agent violates the model of utility maximization. I calculate the violation indices for a 38 consumers and find that the observed choice behavior is very close to optimizing behavior.
منابع مشابه
The Power of Revealed Preference Tests: Ex-Post Evaluation of Experimental Design∗
Revealed preference tests are elegant nonparametric tools that ask whether choice data conforms to optimizing behavior. These tests present a vexing tension between goodness-of-fit and power. If the test finds violations, is there an acceptable tolerance for goodness-of-fit? If no violations are found, was the test demanding enough to be powerful? This paper complements the many on goodness-of-...
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