haku: @indexterm Preferences / yhteensä: 153
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| Tekijä: | Cox, J. C. |
| Otsikko: | On testing the utility hypothesis |
| Lehti: | Economic Journal
1997 : JUL, VOL. 106:443, p. 1054-1078 |
| Asiasana: | UTILITY THEORY TESTS PREFERENCES |
| Kieli: | eng |
| Tiivistelmä: | This paper explains how it is possible to conduct a test of the utility hypothesis that is not confounded with tests of subsidiary hypotheses that economic agents all have the same preferences and that their preferences are weakly separable. In order to be able to conduct such a test, revealed preference theory had to be extended to include labor supply and portfolio choice. The utility hypothesis and two compound hypotheses involving preference separability were then tested with complete, disaggregated data. Two randomisation procedures were used to assess the power of the tests. Partial efficiency indexes were used as nonparametric measures of "goodness of fit" and in a procedure for adjusting the tests for errors in observations. |
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