search query: @author Kagel, J. H. / total: 8
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| Author: | Battalio, R. C. Dwyer, G. P. Kagel, J. H. |
| Title: | Tests of competing theories of consumer choice and the representative consumer hypothesis. |
| Journal: | Economic Journal
1987 : DEC, VOL. 97:388, p. 842-856 |
| Index terms: | DEMAND FUNCTIONS UTILITY THEORY BEHAVIOURAL SCIENCE CONSUMER CHOICE |
| Language: | eng |
| Abstract: | Two general questions related to the fact that market demand curves are negatively sloped with respect to own-price effects are considered. It is examined if downward-sloping demand curves reflect utility-maximising choices or they are a by-product of some simple behavioural processes that have nothing to do with utility maximization. Then it is discussed if it makes sense to speak of a representative consumer with demands similar to those reflected in the market relationships. In investigating these issues individual demand relationships are empirically estimated. |
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