Showing 1 - 10 of 361
We explore the implications of the generalised Alchian–Allen theorem for the labour-leisure-child-care decision of a mother with young children. In this framework we find: (i) For mothers who work only a few hours a week, a rise in wages arguably increases the demand for leisure relative to...
Persistent link: https://www.econbiz.de/10010703113
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/10009579814
This paper provides an efficient way to generate a set of random choices on a set of budgets which satisfy the 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...
Persistent link: https://www.econbiz.de/10009580101
The aim of this paper is to explore several features concerning the generalized marginal rate of substitution (GMRS)when the consumers utility maximization problem with several constraints is formulated as a quasi-concave programming problem. We show that a point satisfying the first order...
Persistent link: https://www.econbiz.de/10009356152
This paper compares the goods and characteristics models of the consumer within a non-parametric revealed preference framework. Of primary interest is to make a comparison on the basis of predictive success that takes into account dimension reduction. This allows us to nonparametrically identify...
Persistent link: https://www.econbiz.de/10009503391
We employ the theory of rational choice to examine whether observable choices from feasible sets of prospects can be generated by the optimization of some underlying decision criterion under uncertainty. Rather than focusing on a specific theory of choice, our objective is to formulate a general...
Persistent link: https://www.econbiz.de/10009506410
In empirical demand, industrial organization, and labor economics, prices are often unobserved or unobservable since they may only be recorded when an agent transacts. In the absence of any additional information, this partial observability of prices is known to lead to a number of identi?cation...
Persistent link: https://www.econbiz.de/10011284225
Moderne Marktordnungen schützen den Verbraucher vor Schäden und sichern den Leistungswettbewerb und die Funktionsfähigkeit von Märkten. Wettbewerbsorientierte Verbraucherpolitik und verbraucherorientierte Wettbewerbspolitik ergänzen sich dabei. Die Verhaltensökonomik zeigt allerdings, dass...
Persistent link: https://www.econbiz.de/10009689209
According to the German SAVE survey, more than 40 percent of households regularly save fixed amounts rather than flexibly adjusting savings to income variations as assumed by the Permanent Income Hypothesis (PIH). Fixed amount saving behaviour could thus imply a challenge to PIH-based standard...
Persistent link: https://www.econbiz.de/10009668279
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