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| Author: | Mattei, A. |
| Title: | Full-scale real tests of consumer behavior using experimental data |
| Journal: | Journal of Economic Behavior and Organization
2000 : DEC, VOL. 43:4, p. 487-498 |
| Index terms: | PREFERENCES THEORIES CONSUMERS |
| Language: | eng |
| Abstract: | This paper reports on the results of three experiments based on the neoclassical theory of consumer behavior. All these experiments were carried out with the aim of simulating real-world behavior. Nonparametric tests, applying the theory of revealed preference, show that a significant number of individuals exhibit inconsistent behavior. If nearly optimizing behavior is postulated, then most of these inconsistencies disappear, but random choices produce almost the same results. |
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