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 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)
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Journal Article: Testing consumer theory: evidence from a natural field experiment (2017)
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Working Paper: Testing consumer theory: Evidence from a natural field experiment (2017)
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