See paper

In this paper we assume that choice of commodities at the individual (household) level is made inside the budget set and that the choice can be described by a probability density function. We prove that law of demand()0xExpis valid for one(x) or two choice variables (x, y)*. The law of...

In this paper we assume that choice of commodities at the individual (household) level is made in the budget set and that the choice can be described by a probability density function. We prove that negativity (()0xExp<) is valid for one(x) or two choice variables (x, y) (No Giffen good).Negativity at the market level is valid by summation. The expected demand functions are homogeneous of degree zero in prices and income. We use general positive continuous functions f(x), f(x, y) defined on the bounded budget set. We transform them into probability density functions to calculate E(x) and prove negativity. The present approach use simple assumptions and is descriptive in its nature. Any choice behaviour that can be described by a continuous density function gives the above results. (,,)xyppm Why not keep descriptions as simple as possible?<p>

The impact that the retail format has on the level of individual motivation tends to be overlooked in discussions of the determinants of organic consumption, this neglect due to the tendency to model individual and contextual factors separately. Hence, the dominant research paradigm has...

In this study we introduce a new stochastic choice rule that categorizes objects in order to simplify the choice procedure. At any given trial, the decision maker deliberately randomizes over mental categories and chooses the best item according to her utility function within the realized...

The problem of demand inversion -- a crucial step in the estimation of randomutility discrete-choice models -- is equivalent to the determination of stable outcomes intwo-sided matching models. This equivalence applies to random utility models that are notnecessarily additive, smooth, nor even...

Mobile devices proved to be disruptive for businesses. Installing, accessing and buying a new application become easy. Application marketplaces called Application Stores provides security (due to certification process imposed to developers), accessibility, application lifecycle serving as a...

Given any observed finite sequence of prices, wealth and demand choices, we characterize the relation between its underlying Slutsky matrix norm (SMN) and some popular discrete revealed preference (RP) measures of departures from rationality, such as the Afriat index. We show that testing...

Laboratory experiments are an important methodology in economics, especially in the field of behavioral economics. However, it is still debated to what extent results from laboratory experiments can be applied to field settings. One highly important question with respect to the external validity...

In this paper, we first model the dynamics of an economy, making use of a simple, almost trivial circular flow analysis. Then, we demonstrate the effects of keeping up with the Jonesesʺ as well as of keeping ahead of the Smithsʺ in private consumption and the role of innovation and imitation...