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| Author: | Bandyopadhyay, T. Dasgupta, I. Pattanaik, P. K. |
| Title: | Stochastic revealed preference and the theory of demand |
| Journal: | Journal of Economic Theory
1999 : JAN, VOL. 84:1, p. 95-110 |
| Index terms: | Consumers Demand Theories Preferences |
| Language: | eng |
| Abstract: | The paper extends the deterministic revealed preference theory of consumers' behaviour to permit stochastic choices. In this extended framework, a restriction on stochastic choices is introduced constituting stochastic counterpart of the weak axiom of revealed preference. This restriction allows to derive stochastic versions of nonpositivity of the own substitution effect and the demand theorem. |
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