A Comprehensive Approach to Revealed Preference Theory

• 成果类型: Article
• 署名作者: Nishimura, Hiroki; Ok, Efe A.; Quah, John K. -H.
• 署名单位: University of California System; University of California Riverside; New York University; New York University; Johns Hopkins University; National University of Singapore
• 刊物名称: AMERICAN ECONOMIC REVIEW
• ISSN/ISSBN: 0002-8282
• DOI: 10.1257/aer.20150947
• 发表日期: 2017
• 页码: 1239-1263
• 关键词: consumer-behavior; expected utility; sets

摘要

We develop a version of Afriat's theorem that is applicable in a variety of choice environments beyond the setting of classical consumer theory. This allows us to devise tests for rationalizability in environments where the set of alternatives is not the positive orthant of a Euclidean space and where the rationalizing utility function is required to satisfy properties appropriate to that environment. We show that our results are applicable, amongst others, to choice data on lotteries, contingent consumption, and intertemporal consumption.