Goods versus characteristics: Dimension reduction and revealed preference

Arbeitspapier

This paper compares the goods and characteristics models of the consumer within a non-parametric revealed preference framework. Of primary interest is to make a comparison on the basis of predictive success that takes into account dimension reduction. This allows us to nonparametrically identify the model which best fits the data. We implement these procedures on household panel data from the UK milk market. The primary result is that the better fit of the characteristics model is entirely attributable to dimension reduction.

Angaben zum Objekt

• Sprache: Englisch

Verweise und Beziehungen

• Erschienen in: Series: IFS Working Papers ; No. W12/02

Klassifikation und Themen

• Klassifikation: Wirtschaft ; Consumer Economics: Theory ; Consumer Economics: Empirical Analysis
• Thema: Characteristics ; demand ; dimension reduction ; nested models ; revealed preference

Beteiligte, Orts- und Zeitangaben

• Ereignis: Geistige Schöpfung
• (wer): Polisson, Matthew
• Ereignis: Veröffentlichung
• (wer): Institute for Fiscal Studies (IFS)
• (wo): London
• (wann): 2012

Weitere Informationen

• DOI: doi:10.1920/wp.ifs.2012.1202
• Handle: http://hdl.handle.net/10419/91556
• Letzte Aktualisierung: 10.03.2025, 11:44 MEZ