Revealed preference analysis and bounded rationality

Consume now or later? Time inconsistency, collective choice and revealed preference

Eileen Tipoe, Abi Adams and Ian Crawford

Oxford Economic Papers, 2022, vol. 74, issue 2, 313-332

Abstract: The principle of revealed preference is the backbone of structural empirical work on consumer demand. It focuses on what we can learn about the processes by which economic agents make decisions, using observed choices and minimal auxiliary assumptions. Classical revealed preference methods assume that choices and preferences are stable and consistent, but many studies have found violations of these assumptions both in consumer data and experimental settings. Recent research effort extends far beyond the axiomatic characterization of neoclassical choice models. New behavioural theories explain these violations in a theoretically founded way, considering data consistency and preference recoverability for a wide class of behavioural models. This article reviews some of the themes emerging from the recent literature.

JEL-codes: C43 D11 (search for similar items in EconPapers)
Date: 2022
References: View references in EconPapers View complete reference list from CitEc
Citations:

Downloads: (external link)
http://hdl.handle.net/10.1093/oep/gpab018 (application/pdf)
Access to full text is restricted to subscribers.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:oup:oxecpp:v:74:y:2022:i:2:p:313-332.

Ordering information: This journal article can be ordered from
https://academic.oup.com/journals

Access Statistics for this article

Oxford Economic Papers is currently edited by James Forder and Francis J. Teal

More articles in Oxford Economic Papers from Oxford University Press Oxford University Press, Great Clarendon Street, Oxford OX2 6DP, UK.
Bibliographic data for series maintained by Oxford University Press ().