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In this article we analyze if consumer behavior is consistent with utility maximization by using Swiss household budget data from 1975 to 1989. The test is based on revealed preference theory. We could follow the expenditures of 1840 households over 12 months and for 1730 households we could...

This paper gives a new estimation of the average productivity of electricity produced and used in the economy of Valais (a Swiss Canton). The value-added of electricity as a factor of production is calculated for several industrial sectors. The direct and indirect effects (on employment and GDP)...

This paper reports the results of three experiments on the neoclassical theory of consumer behavior. All these experiments were performed with the aim to simulate as closely as possible the behavior of consumers in the real world. Real goods, real money and the same incentives as in the real...