Cherchye, L.J.H.; Demuynck, T.; de Rock, B. - Tilburg University, Center for Economic Research - 2011
We provide a revealed preference analysis of the transferable utility hypothesis, which is widely used in economic … consistent with Pareto efficiency under transferable utility. Next, we show that these conditions are easily testable by means of … data. To the best of our knowledge, this is the first empirical test of the transferable utility hypothesis. …