An Experiment on the Pure Theory of Consumer's Behaviour
By checking whether consumer demand satis es the axioms of revealed preference, one can test the empirical validity of the neoclassical theory of consumer behaviour. However, applying the axioms to actual consumer purchase data is di cult, if not impossible, since serious problems of both a methodological and practical nature arise. This paper, after commenting on the few previous empirical studies, reports an experimental approach to revealed preference theory. Data were obtained through a controlled experiment that involved real consumption of the goods chosen. We nd that our subjects often violated the axioms.
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