Revealed Preference and the Subjective State Space Hypothesis

Dekel et al. (2001) extends Kreps' (1979) model for preference over menus of deterministic alternatives to a model for preference over menus of lotteries. They show that a simple set of axioms characterizes a representation that can be interpreted as if the agent is uncertain about her future t...

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Autor: Payro Chew, Fernando|||0000-0001-7161-4294
Tipo de recurso: artículo
Fecha de publicación:2019
País:España
Institución:Universitat Autònoma de Barcelona
Repositorio:Dipòsit Digital de Documents de la UAB
Idioma:inglés
OAI Identifier:oai:ddd.uab.cat:287674
Acceso en línea:https://ddd.uab.cat/record/287674
https://dx.doi.org/urn:doi:10.1016/j.jmateco.2019.01.010
Access Level:acceso abierto
Palabra clave:Revealed preferences
Menus
Subjective State Space
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spelling Revealed Preference and the Subjective State Space HypothesisPayro Chew, Fernando|||0000-0001-7161-4294Revealed preferencesMenusSubjective State SpaceDekel et al. (2001) extends Kreps' (1979) model for preference over menus of deterministic alternatives to a model for preference over menus of lotteries. They show that a simple set of axioms characterizes a representation that can be interpreted as if the agent is uncertain about her future tastes. This taste uncertainty is summarized by a set of possible future preferences which is referred to as the subjective state space. Their approach is axiomatic; thus, testability requires that the entire preference order be observable. This paper provides corresponding revealed preference analysis assuming that only finitely many choices are observed. For a particular class of data sets, it is shown that the characterizing conditions can be reformulated as nonlinear systems of inequalities for which the existence of solutions can be verified using numerical methods. The analysis covers the case where available data involves only menus of alternatives (and not lotteries). Hence, our results also provide revealed preference characterizations for Kreps (1979). 22019-01-0120192019-01-01Articlehttp://purl.org/coar/resource_type/c_6501AMhttp://purl.org/coar/version/c_ab4af688f83e57aainfo:eu-repo/semantics/articleapplication/pdfhttps://ddd.uab.cat/record/287674https://dx.doi.org/urn:doi:10.1016/j.jmateco.2019.01.010reponame:Dipòsit Digital de Documents de la UABinstname:Universitat Autònoma de BarcelonaInglésengopen accesshttp://purl.org/coar/access_right/c_abf2Aquest document està subjecte a una llicència d'ús Creative Commons. Es permet la reproducció total o parcial, la distribució i la comunicació pública de l'obra, sempre que es reconegui l'autoria de l'obra original. No es permet la creació d'obres derivades.https://creativecommons.org/licenses/by-nd/4.0/info:eu-repo/semantics/openAccessoai:ddd.uab.cat:2876742026-06-06T12:50:31Z
dc.title.none.fl_str_mv Revealed Preference and the Subjective State Space Hypothesis
title Revealed Preference and the Subjective State Space Hypothesis
spellingShingle Revealed Preference and the Subjective State Space Hypothesis
Payro Chew, Fernando|||0000-0001-7161-4294
Revealed preferences
Menus
Subjective State Space
title_short Revealed Preference and the Subjective State Space Hypothesis
title_full Revealed Preference and the Subjective State Space Hypothesis
title_fullStr Revealed Preference and the Subjective State Space Hypothesis
title_full_unstemmed Revealed Preference and the Subjective State Space Hypothesis
title_sort Revealed Preference and the Subjective State Space Hypothesis
dc.creator.none.fl_str_mv Payro Chew, Fernando|||0000-0001-7161-4294
author Payro Chew, Fernando|||0000-0001-7161-4294
author_facet Payro Chew, Fernando|||0000-0001-7161-4294
author_role author
dc.subject.none.fl_str_mv Revealed preferences
Menus
Subjective State Space
topic Revealed preferences
Menus
Subjective State Space
description Dekel et al. (2001) extends Kreps' (1979) model for preference over menus of deterministic alternatives to a model for preference over menus of lotteries. They show that a simple set of axioms characterizes a representation that can be interpreted as if the agent is uncertain about her future tastes. This taste uncertainty is summarized by a set of possible future preferences which is referred to as the subjective state space. Their approach is axiomatic; thus, testability requires that the entire preference order be observable. This paper provides corresponding revealed preference analysis assuming that only finitely many choices are observed. For a particular class of data sets, it is shown that the characterizing conditions can be reformulated as nonlinear systems of inequalities for which the existence of solutions can be verified using numerical methods. The analysis covers the case where available data involves only menus of alternatives (and not lotteries). Hence, our results also provide revealed preference characterizations for Kreps (1979).
publishDate 2019
dc.date.none.fl_str_mv 2
2019-01-01
2019
2019-01-01
dc.type.none.fl_str_mv Article
http://purl.org/coar/resource_type/c_6501
AM
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dc.type.openaire.fl_str_mv info:eu-repo/semantics/article
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dc.identifier.none.fl_str_mv https://ddd.uab.cat/record/287674
https://dx.doi.org/urn:doi:10.1016/j.jmateco.2019.01.010
url https://ddd.uab.cat/record/287674
https://dx.doi.org/urn:doi:10.1016/j.jmateco.2019.01.010
dc.language.none.fl_str_mv Inglés
eng
language_invalid_str_mv Inglés
language eng
dc.rights.none.fl_str_mv open access
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dc.source.none.fl_str_mv reponame:Dipòsit Digital de Documents de la UAB
instname:Universitat Autònoma de Barcelona
instname_str Universitat Autònoma de Barcelona
reponame_str Dipòsit Digital de Documents de la UAB
collection Dipòsit Digital de Documents de la UAB
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