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Afriat in the lab
Heufer, Jan; Bruggen, Paul van - 2016
Varian (1988) showed that the utility maximization hypothesis cannot be falsified when only a subset of goods is observed. We show that this result does not hold under the assumptions that unobserved prices and expenditures remain constant. These assumptions are naturally satisfied in laboratory...
Persistent link: https://www.econbiz.de/10011563010
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Measuring tastes for equity and aggregate wealth behind the veil of ignorance
Heufer, Jan; Shachat, Jason M.; Xu, Yan - 2018
ignorance. We pair portfolio and wealth distribution choice problems which have a common budget set. For a given bundle, the … distribution over an individual's wealth is the same for both problems. The portfolio choice serves as a benchmark to evaluate … whether the wealth distribution choice exhibits equity or efficiency preferring tastes. We report experiments using a within …
Persistent link: https://www.econbiz.de/10011928322
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Changing with the tide : semi-parametric estimation of preference dynamics
Dekker, Thijs; Koster, Paul; Brouwer, Roy - 2013
Persistent link: https://www.econbiz.de/10010191399
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Welfare effects of distortionary tax incentives under preference heterogeneity : an application to employer-provided electric cars
Dimitropoulos, Alexandros; Ommeren, Jos van; Koster, Paul; … - 2014
This paper presents an approach for the estimation of welfare effects of tax policy changes under heterogeneity in consumer preferences. The approach is applied to evaluate the welfare effects of current tax advantages for electric vehicles supplied as fringe benefits by employers. Drawing on...
Persistent link: https://www.econbiz.de/10010358445
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Inconsistent and lexicographic choices in stated preference analysis
Rouwendal, Jan; Blaeij, Adriana Tanneke de - 2004
Persistent link: https://www.econbiz.de/10002026424
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Inconsistent and lexicographic choices in stated preference analysis
Rouwendal, Jan; Blaeij, Adriana Tanneke de - 2004
In stated choice (SC) data inconsistent and lexicographic choice behavior is often observed. It is sometimes … data many respondents have inconsistent choice patterns, which appear to be due to incidental mistakes. Moreover, a large … number of the consistent respondents have lexicographic choice patterns. We show that the logit model, which is the most …
Persistent link: https://www.econbiz.de/10011335227
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A theory of procedurally rational choice : optimization without evaluation
Ficco, Stefano; Karamychev, Vladimir A.; Reeven, Peran … - 2005
This paper analyses the behavior of an individual who wants to maximize his utility function, but he is not able to evaluate it. There are many ways to choose a single alternative from a given set. We show that a unique utility maximizing procedure exists. Choices induced by this optimal...
Persistent link: https://www.econbiz.de/10011348351
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Gigerenzer the decided : a tale of difficult distinctions
Heukelom, Floris - 2005
This paper provides an overview of the work of Gigerenzer, thereby focusing on his criticisms of the Heuristics and Biases theory of Kahneman and Tversky. It is proposed that Gigerenzer's work can be both thematically and chronologically organized as: historical research on statistics =...
Persistent link: https://www.econbiz.de/10011348361
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Risk aversion under preference uncertainty
Kräussl, Roman; Lucas, André; Siegmann, Adriaan Hendrik - 2010
We show that if an agent is uncertain about the precise form of his utility function, his actual relative risk aversion may depend on wealth even if he knows his utility function lies in the class of constant relative risk aversion (CRRA) utility functions. We illustrate the consequences of this...
Persistent link: https://www.econbiz.de/10011382430
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Eliciting discount functions when baseline consumption changes over time
Gerber, Anke; Rohde, Kirsten I. M. - 2014
Many empirical studies on intertemporal choice report preference reversals in the sensethat a preference between a …
Persistent link: https://www.econbiz.de/10011379439