Goodness-of-Fit for Revealed Preference Tests

Hal Varian ()

Econometrics from EconWPA

Abstract: I describe a goodness-of-fit measure for revealed preference tests. This index can be used to measure the degree to which an economic agent violates the model of utility maximization. I calculate the violation indices for a 38 consumers and find that the observed choice behavior is very close to optimizing behavior.

JEL-codes: C1 C2 C3 C4 C5 C8 (search for similar items in EconPapers)
Date: 1994-01-18
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Related works:
Working Paper: Goodness of Fit for Revealed Preference Tests (1991)
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Persistent link: http://EconPapers.repec.org/RePEc:wpa:wuwpem:9401001

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