Aggregation without the aggravation? Nonparametric analysis of the representative consumer

Laurens Cherchye, Ian Crawford, Bram De Rock and Frederic Vermeulen

No CWP03/12, CeMMAP working papers from Centre for Microdata Methods and Practice, Institute for Fiscal Studies

Abstract:

In the tradition of Afriat (1967), Diewert (1973) and Varian (1982), we provide a revealed preference characterisation of the representative consumer. Our results are simple and complement those of Gorman (1953, 1961), Samuelson (1956) and others. They can also be applied to data very readily and without the need for auxiliary parametric or statistical assumptions. We investigate the application of our characterisation by means of a balanced microdata panel survey. Our findings provide robust evidence against the existence of a representative consumer for our data.

Date: 2012-01-25
New Economics Papers: this item is included in nep-ecm and nep-lab
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Related works:
Working Paper: Aggregation without the aggravation? Nonparametric analysis of the representative consumer (2012)
Working Paper: Aggregation without the aggravation? Nonparametric analysis of the representative consumer (2011)
Working Paper: Aggregation without the Aggravation? Nonparametric Analysis of the Representative Consumer (2011)
Working Paper: Aggregation without the Aggravation? Nonparametric Analysis of the Representative Consumer (2011)
Working Paper: Aggregation without the Aggravation? Nonparametric Analysis of the Representative Consumer (2011)
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