GARP violation, Economic Environment Distortions and Shadow Prices: Evidence from Household Expenditure Panel Data

Marc-Arthur Diaye (), François Gardes () and Christophe Starzec ()
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Marc-Arthur Diaye: ENSAI - Ecole Nationale de la Statistique et de l'Analyse de l'Information [Bruz], CES - Centre d'économie de la Sorbonne - UP1 - Université Paris 1 Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique
François Gardes: CES - Centre d'économie de la Sorbonne - UP1 - Université Paris 1 Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique, PSE - Paris School of Economics - UP1 - Université Paris 1 Panthéon-Sorbonne - ENS-PSL - École normale supérieure - Paris - PSL - Université Paris Sciences et Lettres - EHESS - École des hautes études en sciences sociales - ENPC - École nationale des ponts et chaussées - CNRS - Centre National de la Recherche Scientifique - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement
Christophe Starzec: CES - Centre d'économie de la Sorbonne - UP1 - Université Paris 1 Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique

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Abstract: This paper contributes to the discussion of the compatibility of consumers' behavior in "real" life with GARP. Within expenditure panel data we observe a relatively low rate of violation (240 out of 3630 households). We show that these violations do not imply an "irrational" behavior of the agents, but can be attributed to a change in the agents' choice conditions during a period of time, which includes a shift from a centrally planned towards a market oriented economy.

Keywords: shadow prices; GARP; shadow prices.; prix virtuels. (search for similar items in EconPapers)
Date: 2009-04
Note: View the original document on HAL open archive server: https://shs.hal.science/halshs-00376747v1
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Published in 2009

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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:halshs-00376747

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