Goodness of Fit for Revealed Preference Tests

Hal R. Varian

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Decision-Making and Behavioral Economics Economics of Agriculture and Food Markets Economic and Environmental Valuation

Abstract

Abstract. I describe a goodness-of-fit measure for revealed preference tests. This index can be used to measure the degree to which an economic agent violates the model of utility maximization. I calculate the violation indices for a 38 consumers and find that the observed choice behavior is very close to optimizing behavior.

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1997On Testing the Utility Hypothesis 2018The role of education interventions in improving economic rationality 2007Revealing Preferences Graphically: An Old Method Gets a New Tool Kit 1997Giving according to GARP: an experimental study of rationality and altruism 2008Nonparametric Analysis of Household Labor Supply: Goodness of Fit and Power of the Unitary and the Collective Model 2016The Impact of Menstrual Cycle Phase on Economic Choice and Rationality 2017Monkeys choose as if maximizing utility compatible with basic principles of revealed preference theory 2020Economic Rationality under Cognitive Load

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