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Revealed Preference Theory for Finite Choice Sets

Cosaert, Sam; Demuynck, Thomas - 2013

revealed preference condition (i.e. GARP) is still valid. We illustrate the relevance of our results by means of an application …

Persistent link: https://www.econbiz.de/10014158237

Revealed Stochastic Choice with Attributes

Allen, Roy E. - 2019

Many theoretical models of stochastic choice are characterized by availability variation. Instead, most stochastic choice datasets have information on attribute values that vary across decision problems. This paper uses attribute variation to characterize a framework that encompasses existing...

Persistent link: https://www.econbiz.de/10012903045

Generating Random Optimising Choices

Heufer, Jan - 2012

Generalised Axiom of Revealed Preferences (GARP), that is, they are consistent with utility maximisation. The choices are drawn … from an approximate uniform distribution on the admissible region on each budget which ensures consistency with GARP, based … it can be used to approximate the power of tests for conditions for which GARP is a necessary but not sufficient …

Persistent link: https://www.econbiz.de/10013102757

The two faces of independence : betweenness and homotheticity

Burghart, Daniel R.; Epper, Thomas; Fehr, Ernst - 2014

Many studies document failures of expected utility’s key assumption, the independence axiom. Here, we show that independence can be decomposed into two distinct axioms - betweenness and homotheticity - and that these two axioms are necessary and sufficient for independence. Thus, independence...

Persistent link: https://www.econbiz.de/10010430733

Generating random optimising choices

Heufer, Jan - 2012

Persistent link: https://www.econbiz.de/10009580101

Revealed preferences over risk and uncertainty

Polisson, Matthew; Quah, John K.-H.; Renou, Ludovic - 2017

We develop a nonparametric procedure, called the lattice method, for testing the consistency of contingent consumption data with a broad class of models of choice under risk and under uncertainty. Our method allows for risk loving and elation seeking behavior and can be used to calculate, via...

Persistent link: https://www.econbiz.de/10011671892

Revealed preferences over risk and uncertainty

Polisson, Matthew; Quah, John K.-H.; Renou, Ludovic - 2015

Consider a finite data set where each observation consists of a bundle of contingent consumption chosen by an agent from a constraint set of such bundles. We develop a general procedure for testing the consistency of this data set with a broad class of models of choice under risk and under...

Persistent link: https://www.econbiz.de/10011345795

Choice, deferral, and consistency

Costa‐Gomes, Miguel A.; Cueva, Carlos; Gerasimou, Georgios - In: Quantitative economics : QE ; journal of the … 13 (2022) 3, pp. 1297-1318

We report on two novel choice experiments with real goods where subjects in one treatment are forced to choose, as is the norm in economic experiments, while in the other they are not but can instead incur a small cost to defer choice. Using a variety of measures, we find that the active choices...

Persistent link: https://www.econbiz.de/10013382078

Privacy Decision-Making in Digital Markets : Eliciting Individuals' Preferences for Transparency

Sachs, Nikolai; Schnurr, Daniel - 2021

Consumers often lack information about how online services collect, use and protect their data. Therefore, transparency is frequently touted as an essential instrument to support consumers in assessing privacy risks and making more informed decisions. In this context, empirical studies have...

Persistent link: https://www.econbiz.de/10013310466

The Entropy Law, Accounting Data, and Relevance to Decision-Making

Abdel-Khalik, A. Rashad - 2014

This study uses the Entropy index of information developed by Claude Shannon and elaborated by Lev and others to measure the aggregation of accounting information. The question of interest is whether Entropy is a measure of communication to assess transmission channel in communication or the...

Persistent link: https://www.econbiz.de/10013053097