Revealed statistical consumer theory

Arbeitspapier

We investigate a model of deterministic stochastic choice for the standard con- sumer problem. We introduce the framework of statistical consumer theory where the individual maximizes their utility with respect to a distribution of bundles that is constrained by a statistic (e.g. mean expenditure). We show that this behavior is observationally equivalent to an individual whose preferences depend only on the statistic of the distribution. Statistical consumer theory neither nests nor is nested in the random utility approach. We provide a formal statistical test of the model accounting for sampling variability and demonstrate it in an illustrative example using data on capuchin monkeys.

Object Details

• Language: Englisch

References and Relationships

• Bibliographic citation: Series: Research Report ; No. 2019-5

Classification and Topics

• Classification: Wirtschaft
• Subject: Nachfragetheorie des Haushalts

Contributors, Places and Time

• Event: Geistige Schöpfung
• (who): Allen, Roy ; Dziewulski, Pawel ; Rehbeck, John
• Event: Veröffentlichung
• (who): The University of Western Ontario, Department of Economics
• (where): London (Ontario)
• (when): 2019

Further information

• Handle: http://hdl.handle.net/10419/247632
• Last update: 10.03.2025, 11:43 AM CET