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Essential budgetary information in revealed preference analysis

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Date
2010
Publisher city
Paris
Publisher
Université Paris-Dauphine
Dewey
Microéconomie
Sujet
consumption bundles; rationalization; budget sets
JEL code
D31
URI
https://basepub.dauphine.fr/handle/123456789/5278
Collections
  • CEREMADE : Publications
  • LEDa : Publications
Metadata
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Author
Iehlé, Vincent
Forges, Françoise
Type
Document de travail / Working paper
Abstract (EN)
Given budget sets and consumer's consumption bundles, the economist deduces essential budgetary information, namely, whether every consumption bundle is available in every budget set and whether it exhausts the consumer's revenue. We show that rationalization of the original data is equivalent to the existence of budget sets compatible with the essential data together with a utility function rationalizing these budget sets. Hence the conclusion of the original rationalizability test automatically applies to a whole class of budget sets. Furthermore, in case of a positive answer, a single utility function, which rationalizes at once almost all compatible budget sets, can be constructed.

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