Testing consumer theory: evidence from a natural field experiment

Maja Adena, Steffen Huck and Imran Rasul

Journal of the Economic Science Association, 2017, vol. 3, issue 2, No 1, 89-108

Abstract: Abstract We present evidence from a natural field experiment designed to shed light on whether individual behavior is consistent with a neoclassical model of utility maximization subject to budget constraints. We do this through the lens of a field experiment on charitable giving. We find that the behavior of at least 80% of individuals, on both the extensive and intensive margins, can be rationalized within a standard neoclassical choice model in which individuals have preferences, defined over own consumption and their contribution towards the charitable good, satisfying the axioms of revealed preference.

Keywords: Natural field experiment; Revealed preference (search for similar items in EconPapers)
JEL-codes: C93 D01 D12 D64 (search for similar items in EconPapers)
Date: 2017
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Citations: View citations in EconPapers (3)

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DOI: 10.1007/s40881-017-0040-3

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