Preference Regression

Abstract

Dating back to at least [Samuelson, 1938], the study of the testable implications of models of individual preference and decision making has occupied a central position within both empirical and theoretical economics. In behavioral and decision theory, experimental falsification, or the discovery of 'paradoxes' documenting widespread empirical inconsistency with respect to various axioms, has been a long-standing driver of progress.1 Related puzzles in macroeconomics and finance (e.g. the equity premium puzzle, see Mehra and Prescott 1985) have similarly led to the creation of new theories of individual behavior (Constantinides 1990, Epstein and Zin 1989).

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