Revealed preference tests under risk and uncertainty

Matthew Polisson and John Quah

No 13/24, Discussion Papers in Economics from Division of Economics, School of Business, University of Leicester

Abstract: Consider a finite data set where each observation consists of a bundle of contingent consumption chosen from a constraint set of contingent consumption bundles. We develop a general procedure for testing the consistency of such a data set with a broad class of models of choice under risk or uncertainty. Unlike previous tests, we do not require that the agent has a concave Bernoulli utility function.

Keywords: expected utility; rank dependent expected utility; maxmin expected util- ity; revealed preference (search for similar items in EconPapers)
JEL-codes: C14 C60 D11 D12 D81 (search for similar items in EconPapers)
Date: 2013-12
New Economics Papers: this item is included in nep-mic and nep-upt
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (6)

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