Replication data for: How Demanding Is the Revealed Preference Approach to Demand?
Principal Investigator(s): View help for Principal Investigator(s) Timothy K. M. Beatty; Ian A. Crawford
Version: View help for Version V1
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20091392_replicationfiles | 10/11/2019 04:11:PM | ||
LICENSE.txt | text/plain | 14.6 KB | 10/11/2019 12:11:PM |
Project Citation:
Beatty, Timothy K. M., and Crawford, Ian A. Replication data for: How Demanding Is the Revealed Preference Approach to Demand? Nashville, TN: American Economic Association [publisher], 2011. Ann Arbor, MI: Inter-university Consortium for Political and Social Research [distributor], 2019-10-11. https://doi.org/10.3886/E112468V1
Project Description
Summary:
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A well-known problem with revealed preference methods is that when data are found to satisfy their restrictions it is hard to know whether this should be viewed as a triumph for economic theory, or a warning that these conditions are so undemanding that almost anything goes. This paper allows researchers to make this distinction. Our approach uses an axiomatic characterization of a measure of predictive success due to Selten (1991). We illustrate the idea using a panel dataset. The results show that this approach can lead us to radically reassess our view of the empirical performance of economic theory. (JEL D11, D12)
Scope of Project
JEL Classification:
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D11 Consumer Economics: Theory
D12 Consumer Economics: Empirical Analysis
D11 Consumer Economics: Theory
D12 Consumer Economics: Empirical Analysis
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