Revealed Preference Analysis of Characteristics Models

Characteristics models have been found to be useful in many areas of economics. However, their empirical implementation tends to rely heavily on functional form assumptions. In this paper we develop a revealed preference approach to characteristics models. We derive the necessary and sufficient empirical conditions under which data on the market behaviour of heterogeneous, price-taking consumers are non-parametrically consistent with the consumer characteristics model. Where these conditions hold, we show how information may be recovered on individual consumers' marginal valuations of product attributes. In some cases, marginal valuations are point identified, and in other cases, we can only recover bounds. Where the conditions fail, we highlight the role which the introduction of unobserved product attributes can play in rationalizing the data. We implement these ideas using consumer panel data on the Danish milk market.     

Completing Incomplete Revealed Preference Under Limited Attention

This paper discusses how to improve the identification of the preference of a decision‐maker (DM) with limited attention proposed by Masatlioglu, Nakajima and Ozbay (2012). in “Revealed Attention”. Their identification method relies on choice reversals so the obtained revealed preference is often incomplete. We propose three approaches to address this problem. The first one is accommodating a model‐free approach, which respects the DM's choice in making a welfare analysis, as long as it does not contradict the revealed preference of Masatlioglu et al. The second approach incorporates the DM's exogenously obtained attention/inattention information into the model of Masatlioglu et al. The third approach is to take framings that influence the DM's attention into effect for the identification.     

A Revealed Preference Theory for Non-expected Utility on "Certain × Uncertain" Consumption Pairs

In this paper we consider a two-period decision problem, where the feasible set is the set of "certain × uncertain" consumption pairs. That is, the decision-maker chooses ( x , m ) in a feasible set, where x is a certain first-period consumption and m is a random second-period consumption, a Borel probability measure on the set of real numbers. The purpose of this paper is to present revealed preference theory for non-expected utility on "certain × uncertain" consumption pairs. We present necessary and sufficient conditions for the data to be consistent with some non-expected utility functions.
JEL Classification Numbers: D11, D81, D91     

Combining Revealed Preference Data with Stated Preference Data: A Latent Class Approach

A substantial literature exists combining data from revealed preference (RP) and stated preference (SP) sources, aimed either at testing for the convergent validity of the two approaches used in nonmarket valuation or as a means of drawing on their relative strengths to improve the ultimate estimates of value. In doing so, it is assumed that convergence of the two elicitation approaches is an “all or nothing” proposition; i.e., the RP and SP data are either consistent with each other or they are not. The purpose of this paper is to propose an alternative framework that allows for possible divergence among individuals in terms the consistency between their RP and SP responses. In particular, we suggest the use of a latent class approach to segment the population into two groups. The first group has RP and SP responses that are internally consistent, while the remaining group exhibits some form of inconsistent preferences. An EM algorithm is employed in an empirical application that draws on the Alberta and Saskatchewan moose hunting data sets used in earlier combined RP and SP exercises. The empirical results suggest that somewhere between one-third and one-half the sample exhibits consistent preferences. We also examine differences in welfare estimates drawn from the two classes.     

Demand Aggregation and the Weak Axiom of Stochastic Revealed Preference

We address the problem of aggregating demand across a group of consumers, who are identical in terms of wealth and face identical price vectors, but vary in their chosen consumption bundles. We show that, when a stochastic demand function is constructed to aggregate a number of deterministic demand functions, satisfaction of the weak axiom of stochastic revealed preference by this stochastic demand function is weaker than the restriction that every underlying deterministic demand function satisfy Samuelson's weak axiom of revealed preference. Journal of Economic Literature Classification Number: D11.     

凯恩斯流动性偏好理论的后凯恩斯主义发展

本文从凯恩斯流动性偏好理论的形成为出发点,重点介绍了作为资产定价一般理论的流动性偏好,导致内生性货币供给的银行流动性偏好,通货膨胀条件下的流动性偏好.     

Game Theory via Revealed Preferences

We investigate equilibrium notions in game theory from the revealed preference approach. For extensive game forms with complete information, we derive a set of independent necessary and sufficient conditions for the observed outcomes to be rationalized by subgame-perfect Nash equilibrium. Journal of Economic Literature Classification Numbers: C72, C92.     

A Nonparametric Revealed Preference Approach to Measuring the Value of Environmental Quality

We develop an approach to valuing non-market goods using nonparametric revealed preference analysis. We show how nonparametric methods can also be used to bound the welfare effects of changes in the provision of a non-market good. Our main context is one in which the non-market good affects the marginal utility of consuming a related market good. This can also be framed as a shift in the taste for, or quality of, the market good. A systematic approach for incorporating quality/taste variation into a revealed preference framework for heterogeneous consumers is developed. This enables the recovery of the minimal variation in quality required to rationalise observed choices of related market goods. The variation in quality appears as a adjustment to the price for related market goods which then allows a revealed preference approach to bounding compensation measures of welfare effects to be applied.     

The Revealed Preference of Regulatory Menus: Evidence from the Pre‐Nationalisation British Gas Industry

Prior to nationalisation British gas undertakings were faced with a choice of three different regulatory schemes linking the price charged for gas with the amount of dividend that could be paid. The three schemes, the maximum price system, the sliding scale and the basic price system possessed varying incentive properties. This paper investigates, empirically, the characteristics of firms under each regime. The multinomial logit results suggest that larger firms with lower unit costs were more likely to opt for regulatory options with more powerful incentive mechanisms.     

Towards a Theory of Revealed Economic Behavior: The Economic-Neurosciences Interface

Based on recent findings from economics and the neurosciences, we present a conceptual decision-making model that provides insight into human decision-making and illustrates how behavioral outcomes are transformed into phenomena. The model may be viewed as a bridge between the seemingly disparate disciplines of neuroscience and economics that may facilitate more integrative research efforts and provide a framework for developing research agendas for scientists interested in human behavior and economic phenomena.     

Australia, Japan and the OECD: GDP Rankings and Revealed Preference

Data on volumes and prices of consumption and investment are used to compare Australian real GDP for 1990 with the other OECD countries. Australian consumption patterns, including leisure, and price structure are very different from most other countries and especially from those of Japan. The Australian bundle of consumption, investment and leisure is revealed preferred to that of Japan and a number of other countries which are conventionally ranked above Australia in comparisons of real GDP per capita at international prices.     

Revealed Preference Measures of Quality of Life in Australia's Urban and Regional Areas

Using data from the 2011 Census, we estimate quality of life across Australia. With mobile households, utility will be equalised across regions, so those regions with high real incomes must have a compensating low quality of life and vice versa. There are significant differences in quality of life across the 56 regions we examine. The top‐ranked region in our study is the Eastern Suburbs of Sydney, while the Western Australian Outback has the lowest quality of life. The drivers of quality of life are explored, and climate appears to be important as well as certain human‐made cultural amenities.     

现代股利政策理论的演变及其评价

现代股利政策理论是对古典学派的完善和发展。其主要流派有：追随者效应学派、股利信号假说、代理成本理论和行为学派。虽然现代学派的各种观点在不同程度上还存在一些缺点，但它们改变了传统理论的思维定式和分析方法，极大地扩展了财务学家的研究视野，从而使股利政策问题研究在“量“和“质“上均产生了很大的飞跃。     

不完备偏好理论及其应用综述

本文在不完备偏好理论近期文献的基础上,以联系偏好和行为的一致性条件为主线,阐述了不完备偏好显示理论的最新进展:由Γ-理性化转向Δ-理性化,选择集由消费束转向机会集;分别在确定性和不确定性的经济环境下,回顾了不完备偏好的函数表示理论的发展脉络,即由单维函数转向多维函数;特别是,在不确定性的经济环境下,讨论了两种可能的不完备偏好(口味不决和信念不决)的函数表示理论;整理归纳了不完备偏好理论在行为经济学和博弈论等经济学领域中的若干应用。     

优序融资理论的中国上市公司数据验证——兼对股权融资偏好再检验

依据Myers(1984)、Myers和Majluf(1984)的分析,公司存在这样一个融资顺序:留存收益、债务融资、权益融资。中国目前广泛流行“股权融资偏好”的观点,即股权融资优先于债权融资。利用Ordered-probit模型应变量可以排序的特点,文章所做的研究却发现,就中国上市公司的外部融资顺序而言,样本总体上是支持优序融资理论(the peckingorder theory),但分类分析则发现,优序融资理论以及股权融资偏好的说法均得不到完全的支持。     

Welfare Economics with Intransitive Revealed Preferences: A Theory of the Endowment Effect

Economists use the standard rational model to predict behavior after a policy change and to determine the policy's welfare implications. Recent experimental observations are casting doubt on the predictive accuracy of the standard model, but the more realistic behavioral alternatives often provide a poor basis for making normative evaluations. This paper suggests that we can still predict behavior and measure welfare within the same model. We show that optimizing agents with standard preferences will in some cases behave as if they are subject to an endowment effect. Even so, we may still be able to uncover information about their preferences.     

我国股市发展的战略选择:机制转换与路径变迁--对我国股市发展的理论反思

沪深两所成立后,我国股票市场在政府的强力介入下经历了第一次成长机制转换与路径变迁,由自发演进下的内生成长状态转入了政府推动下的强外生成长状态;这次路径变迁带来了股市规模的迅速扩大.但是,时至今日,单纯依赖政府推动的发展模式致使市场效率提升严重滞后于规模扩大,且这种外生机制主导的股市成长模式暴露出难以跨越的障碍.笔者认为,提高股市效率、推动市场进一步走向成熟,有赖于再次实现成长机制的转换,即重新回归到外生机制与内生机制作用对比更为适度的股票市场发展道路上来;而要做到这一点,必须走市场化的制度创新之路.     

中国文化贸易偏离需求相似理论的实证检验

本文通过实证分析和经验分析相结合检验中国文化贸易偏离林德的需求相似理论,得出中国文化贸易发生在收入水平差距较大的国家之间,以及产生这种结果的经济学分析,为未来中国文化产品贸易的国际流向提供指导,以及在此基础上如何扩大文化贸易出口、培育海外文化消费提供政策建议。