Full-scale real tests of consumer behavior using experimental data
نویسنده
چکیده
This paper reports on the results of three experiments based on the neoclassical theory of consumer behavior. All these experiments were carried out with the aim of simulating real-world behavior. Nonparametric tests, applying the theory of revealed preference, show that a significant number of individuals exhibit inconsistent behavior. If nearly optimizing behavior is postulated, then most of these inconsistencies disappear, but random choices produce almost the same results. The hypothesis of a representative consumer (statistical average behavior) seems a more fruitful approach. © 2000 Elsevier Science B.V. All rights reserved.
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