Revealed Statistical Consumer Theory

Roy Allen, Pawel Dziewulski and John Rehbeck
Additional contact information
John Rehbeck: The Ohio State University, https://economics.osu.edu/

No 20195, University of Western Ontario, Departmental Research Report Series from University of Western Ontario, Department of Economics

Abstract: We investigate a model of deterministic stochastic choice for the standard consumer problem. We introduce the framework of statistical consumer theory where the individual maximizes their utility with respect to a distribution of bundles that is constrained by a statistic (e.g. mean expenditure). We show that this behavior is observationally equivalent to an individual whose preferences depend only on the statistic of the distribution. Statistical consumer theory neither nests nor is nested in the random utility approach. We provide a formal statistical test of the model accounting for sampling variability and demonstrate it in an illustrative example using data on capuchin monkeys.

Date: 2019
References: View references in EconPapers View complete reference list from CitEc
Citations:

Downloads: (external link)
https://ir.lib.uwo.ca/cgi/viewcontent.cgi?article=1828&context=economicsresrpt (application/pdf)
Our link check indicates that this URL is bad, the error code is: 403 Forbidden

Related works:
Journal Article: Revealed statistical consumer theory (2024)
Working Paper: Revealed statistical consumer theory (2021)
Working Paper: Revealed statistical consumer theory (2019)
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:uwo:uwowop:20195

Ordering information: This working paper can be ordered from
https://economics.uw ... itting_ordering.html
The price is Paper copy available by mail at a cost of $10.00 Canadian each.

Access Statistics for this paper

More papers in University of Western Ontario, Departmental Research Report Series from University of Western Ontario, Department of Economics Department of Economics, Social Science Centre, University of Western Ontario, London, Ontario, Canada N6A 5C2.
Bibliographic data for series maintained by ().