TESTING THE SIGNIFICANCE OF THE DEPARTURES FROM UTILITY MAXIMIZATION

TESTING THE SIGNIFICANCE OF THE DEPARTURES FROM UTILITY MAXIMIZATION

This paper introduces a general procedure that tests the significance of the departures from utility maximization, departures defined as violations of the general axiom of revealed preference (GARP). This general procedure is based on (i) an adjustment procedure that computes the minimal perturbatio...

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Veröffentlicht in:Macroeconomic dynamics 2005-06, Vol.9 (3), p.372-397
1. Verfasser: de PERETTI, PHILIPPE
Format: Artikel
Sprache:eng
Schlagworte:
Advantages
Economic models
Economic theory
Economics and Finance
Humanities and Social Sciences
Hypotheses
Legislation
Macroeconomics
Nonparametric statistics
Optimization
Power
Studies
Utility functions
Violations
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description This paper introduces a general procedure that tests the significance of the departures from utility maximization, departures defined as violations of the general axiom of revealed preference (GARP). This general procedure is based on (i) an adjustment procedure that computes the minimal perturbation in order to satisfy GARP by using the information content in the transitive closure matrix and (ii) a test procedure that checks the significance of the necessary adjustment. This procedure can be easily implemented and programmed, and we run Monte Carlo simulations to show that it is quite powerful.
doi_str_mv 10.1017/S1365100505040241
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subjects Advantages
Economic models
Economic theory
Economics and Finance
Humanities and Social Sciences
Hypotheses
Legislation
Macroeconomics
Nonparametric statistics
Optimization
Power
Studies
Utility functions
Violations
title TESTING THE SIGNIFICANCE OF THE DEPARTURES FROM UTILITY MAXIMIZATION
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