Samuelson's Approach to Revealed Preference Theory: Some Recent Advances

Abstract

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The economic impact of international travelers in the hospitality industry of Austin, Texas, USA in 2021: a regional input-output and data visualization approach

“…The concept of revealed preferences is one of the most impactful concepts explaining consumer choice theory as stated by Varian (2006) and highlighted by Demuynck and Hjertstrand (2019). The revealed preferences concept was developed by Samuelson (1938Samuelson ( , 1948.…”

Power against random expenditure allocation for revealed preference tests

“…This model encompasses a continuum of sub-models. At the one extreme = 0, it conform to when no part of the expenditure is being randomly allocated, in which case w q k is equal to the observed budget 5 See Demuynck and Hjertstrand (2019) for a recent survey of Afriat's theorem. 6 Assuming that w U k are Dirichlet distributed random variables with parameters (1; 1; :::; 1), the expected value, variance, covariance and correlation of the budget shares in the model (2) are:…”

“…For other measures, see Houtman and Maks (1985) and more recently, Echenique et al (2012) and Dean and Martin (2016). Varian (1985) proposed to deal with violations of GARP by testing whether these can be attributed to measurement errors in the data (Jones and Edgerton, 2009, provide a recent survey of the literature on measurement errors in revealed preference testing; See also Demuynck and Hjertstrand, 2019).…”

A Markov Chain Monte Carlo procedure to generate revealed preference consistent datasets

“…See alsoVarian (1982) who actually coined the term GARP Afriat (1967). extended earlier work ofSamuelson (1938) andHouthakker (1950).2 See Chambers and Echenique (2016),Crawford and De Rock (2014) andDemuynck and Hjertstrand (2020) for recent overviews of the literature.…”