Measuring Consumer Behavior Using Experimental Data

• Published in: Annals of economics and statistics no. 127; pp. 9 - 31
• Main Authors: Philippe Février, Michael Visser
• Format: Journal Article
• Language: English
• Published: GENES 01.09.2017
• Subjects: Consumer behavior; Datasets; Economic models; Estimation methods; Experimental data; Financial budgets; Global atmospheric research program; Mathematical independent variables; Orange juice; Utility functions

The hypothesis that the preferences of an individual can be represented by a utility function is at the center of economic theory. However, the main restrictions of the theory (the Slutsky conditions) are often rejected by empirical studies on micro data. This paper uses experimental data to analyze...