A Study of Consumer Behavior Using Laboratory Data

Philippe Février () and Michael Visser

No 1095, Econometric Society World Congress 2000 Contributed Papers from Econometric Society

Abstract: This paper reports the results of an experiment on individual consumer behavior. The experiment was designed to address the following questions. Do participants behave as utility-maximizing agents? Are there variables (socio-economic characteristics, experimental conditions) that have an effect on the probability of being non-rational? And finally, to what extent does the presence of non-rational individuals affect the estimation results of demand equations? Revealed preference tests indicate that 29% of the individuals do not behave as utility-maximizing agents. Gender and the times spent on performing experimental tasks have a significant effect on the likelihood of being non-rational, but the level of remuneration does not. The estimation results of some commonly used demand systems and tests of the Slutsky restrictions are affected by the presence of non-rational individuals in the experimental sample.

Date: 2000-08-01
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Related works:
Journal Article: A Study of Consumer Behavior Using Laboratory Data (2004)
Working Paper: AStudyof Consumer Behavior Using Laboratory Data (2000)
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Persistent link: https://EconPapers.repec.org/RePEc:ecm:wc2000:1095

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