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Heufer, Jan - 2012

Generalised Axiom of Revealed Preferences (GARP), that is, they are consistent with utility maximisation. The choices are drawn … from an approximate uniform distribution on the admissible region on each budget which ensures consistency with GARP, based … it can be used to approximate the power of tests for conditions for which GARP is a necessary but not sufficient …

Persistent link: https://www.econbiz.de/10009580101

Consume now or later? : time inconsistency, collective choice and revealed preference

Adams, Abi; Cherchye, Laurens; Rock, Bram de; Verriest, … - 2014

In this paper, we develop a revealed preference methodology that allows us to explore whether time inconsistencies in household choice are the product of individual preference nonstationarities or the result of individual heterogeneity and renegotiation within the collective unit. An empirical...

Persistent link: https://www.econbiz.de/10010356826

Gorman revisited : nonparametric conditions for exact linear aggregation

Cherchye, Laurens; Crawford, Ian; Rock, Bram de; … - In: SERIEs : Journal of the Spanish Economic Association 7 (2016) 2, pp. 203-220

In the tradition of Afriat (Int Econ Rev 8:67-77, 1967), Diewert (Rev Econ Stud 40:419-425, 1973) and Varian (Econometrica 50:945-972, 1982), we provide a revealed preference characterisation of exact linear aggregation. This guarantees that aggregate demand can be written as a function of...

Persistent link: https://www.econbiz.de/10011500052

Collective Household Consumption Behavior: Revealed Preference Analysis

Cherchye, Laurens; De Rock, Bram; Vermeulen, Frederic - In: Foundations and Trends(R) in Econometrics 4 (2012) 4, pp. 225-312

We review a nonparametric "revealed preference" methodology for analyzing collective consumption behavior in practical applications. The methodology allows for accounting for externalities, public consumption, and the use of assignable quantity information in the consumption analysis. This...

Persistent link: https://www.econbiz.de/10010990811

Empirical Revealed Preference

Crawford, Ian; Rock, Bram De - In: Annual Review of Economics 6 (2014) 1, pp. 503-524

This article aims to provide an introduction to empirical revealed preference (RP) and an overview of the current state of the field. We hope to give a sense of how RP methods work and the types of questions they can address and to assess the strengths and drawbacks of the approach. After...

Persistent link: https://www.econbiz.de/10011004691

Day-of-the-week effect in Consumer Confidence Index: The case of Turkey

Çelik, Sadullah; Kaya, Hüseyin - In: OECD Journal: Journal of Business Cycle Measurement and … 2012 (2012) 2, pp. 33-42

The aim of this study is to examine the validity of the day-of-the-week effect on both mean and volatility for changes in Consumer Confidence Index in Turkey. To the best of our knowledge, there is no previous study on this topic for an emerging market. Employing the E-GARCH method, we are able...

Persistent link: https://www.econbiz.de/10011007289

Revealed Preferences in a Heterogeneous Population

Hoderlein, Stefan; Stoye, Jörg - In: The Review of Economics and Statistics 96 (2014) 2, pp. 197-213

This paper explores the empirical content of the weak axiom of revealed preference (WARP) for repeated cross-sections. In a heterogeneous population, the fraction of consumers who violate WARP is not point identified but can be bounded. These bounds, as well as some nonparametric refinements,...

Persistent link: https://www.econbiz.de/10010835695

Nonparametric comparative revealed risk aversion

Heufer, Jan - In: Journal of Economic Theory 153 (2014) C, pp. 569-616

We introduce a nonparametric method to compare risk aversion of different investors based on revealed preference methods. Using Yaari's (1969) [50] definition of “more risk averse than”, we show that it is sufficient to compare the revealed preference relations of two investors. This makes...

Persistent link: https://www.econbiz.de/10011042977

Consistent subsets: Computationally feasible methods to compute the Houtman–Maks-index

Heufer, Jan; Hjertstrand, Per - In: Economics Letters 128 (2015) C, pp. 87-89

We provide two methods to compute the largest subset of a set of observations that is consistent with the Generalised Axiom of Revealed Preference. The algorithm provided by Houtman and Maks (1985) is not computationally feasible for larger data sets, while our methods are not limited in that...

Persistent link: https://www.econbiz.de/10011208446

On the Necessity of Pairs and Triplets for the Equivalence between Rationality Axioms

He, Junnan - In: Economics - The Open-Access, Open-Assessment E-Journal 6 (2012), pp. 1-15

This paper is concerned with the axiomatic foundation of the revealed preference theory. Many well-known results in the literature rest upon the ability to choose over budget sets that contain only 2 or 3 elements. This paper shows that for any given choice function, many of the famous...

Persistent link: https://www.econbiz.de/10010954759

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