Pioneered by American economist Paul Samuelson, revealed preference
theory is based on the idea that the preferences of consumers are
revealed in their purchasing behavior. Researchers in this field
have developed complex and sophisticated mathematical models to
capture the preferences that are 'revealed' through consumer choice
behavior. This study of consumer demand and behavior is closely
tied up with econometrics (especially nonparametric econometrics),
where testing the validity of different theoretical models is an
important aspect of research. The theory of revealed preference has
a very long and distinguished tradition in economics, but there was
no systematic presentation of the theory until now. This book deals
with basic questions in economic theory, such as the relation
between theory and data, and studies the situations in which
empirical observations are consistent or inconsistent with some of
the best known theories in economics.
General
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