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A Comprehensive Approach to Revealed Preference Theory

Hiroki Nishimura, Efe A. Ok and John Quah ()

American Economic Review, 2017, vol. 107, issue 4, 1239-63

Abstract: 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.

JEL-codes: D11 D81 (search for similar items in EconPapers)
Date: 2017
Note: DOI: 10.1257/aer.20150947
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Working Paper: A Comprehensive Approach to Revealed Preference Theory (2016) Downloads
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Handle: RePEc:aea:aecrev:v:107:y:2017:i:4:p:1239-63