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Revealed smooth nontransitive preferences
Keiding, Hans; Tvede, Mich - In: Economic Theory 54 (2013) 3, pp. 463-484
In the present paper, we are concerned with the behavioural consequences of consumers having nontransitive preference relations. Data sets consist of finitely many observations of price vectors and consumption bundles. A preference relation rationalizes a data set provided that for every...
Persistent link: https://www.econbiz.de/10010728085
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Afriat's theorem for general budget sets
Forges, Françoise; Minelli, Enrico - Université Paris-Dauphine (Paris IX) - 2009
Afriat proved the equivalence of a variant of the strong axiom of revealed preference and the existence of a solution to a set of linear inequalities. From this solution he constructed a utility function rationalizing the choices of a competitive consumer. We extend Afriat's theorem to a class...
Persistent link: https://www.econbiz.de/10010706621
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Beyond GDP: The Quest for a Measure of Social Welfare.
M. FLEURBAEY. - In: VOPROSY ECONOMIKI 2 (2012)
Part I The first part of the paper is devoted to the monetary indicators of social welfare. It is shown which methods … traditional GDP measure. The limitations of the methods are also discussed. The author shows which measures of welfare are … adequate in the dynamic context: he considers the problems of intertemporal welfare analysis using the Net National Product …
Persistent link: https://www.econbiz.de/10010860805
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Behavioural Decisions and Welfare
Dalton, Patricio; Ghosal, Sayantan - Department of Economics, University of Warwick - 2010
What are the normative implications of behavioral economics? We study a model where the decisions a person makes, consciously or unconsciously, affect her psychological state (reference point, beliefs, expectations, self-image) which, in turn, impacts on her ranking over available decisions in...
Persistent link: https://www.econbiz.de/10010758421
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How to reveal people's preferences: Comparing time consistency and predictive power of multiple price list risk elicitation methods
Csermely, Tamás; Rabas, Alexander - Vienna University of Economics and Business, Department … - 2014
The question of how to measure and classify people’s risk preferences is of substantial importance in the field of Economics. Inspired by the multitude of ways used to elicit risk preferences, we conduct a holistic investigation of the most prevalent method, the multiple price list (MPL) and...
Persistent link: https://www.econbiz.de/10010949385
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The aggregation of preferences: can we ignore the past?
Zuber, Stéphane - In: Theory and Decision 70 (2011) 3, pp. 367-384
Persistent link: https://www.econbiz.de/10009327385
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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
information in the consumption analysis. This provides a framework for empirically assessing welfare-related questions that are …
Persistent link: https://www.econbiz.de/10010990811
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Do happiness indexes truly reveal happiness? : measurin happiness using revealed preferences from migration flows
Marques, Helena; Pino, Gabriel; Tena, Juan de Dios - Departamento de Estadistica, Universidad Carlos III de … - 2013
n this paper we attempt to establish a nexus between migration decisions and selfassessed happiness, where migration is taken as a mechanism for revealing preferences. The happiness literature has proposed both economic and non-economic determinants of happiness which are very similar to the...
Persistent link: https://www.econbiz.de/10010861873
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Remarks on Afriat’s theorem and the Monge–Kantorovich problem
Kolesnikov, Alexander V.; Kudryavtseva, Olga V.; … - In: Journal of Mathematical Economics 49 (2013) 6, pp. 501-505
The famous Afriat’s theorem from the theory of revealed preferences establishes necessary and sufficient conditions for the existence of utility function for a given set of choices and prices. The result on the existence of a homogeneous utility function can be considered as a particular fact...
Persistent link: https://www.econbiz.de/10010875274
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Stochastic Choice and Consideration Sets
Paola, Manzini; Marco, Mariotti - Scottish Institute for Research in Economics (SIRE) - 2013
We model a boundedly rational agent who suffers from limited attention. The agent considers each feasible alternative with a given (unobservable) probability, the attention parameter, and then chooses the alternative that maximises a preference relation within the set of considered alternatives....
Persistent link: https://www.econbiz.de/10010877118