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Revealed preference tests of collectively rational consumption behavior
Crama, Yves
2015
 

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Abstract :
[en] To verify the empirical adequacy of a particular household consumption model, it is important to develop efficient tests did can be applied to real-world data. These tests check whether the observed household behavior is "rational" in the sense that it is consistent with the predictions of the model. In this talk, we present different approaches based on revealed preferences to test collective models of household consumption. Testing collective rationality is computationally difficult (NP-hard). In order to overcome this negative result, we introduce mixed-integer programming formulations which can be used for medium-sized datasets. Next, we propose simulated annealing heuristics, which allow for efficient testing of the collective model on large datasets. We present the results of computational experiments with our approaches. Joint work with: Fabrice Talla Nobibon, Laurens Cherchye, Thomas Demuynck, Bram De Rock and Frits CR Spieksma.
Research center :
QuantOM HEC Ecole de gestion
Disciplines :
Quantitative methods in economics & management
Author, co-author :
Crama, Yves  ;  Université de Liège > HEC-Ecole de gestion : UER > Recherche opérationnelle et gestion de la production
Language :
English
Title :
Revealed preference tests of collectively rational consumption behavior
Publication date :
29 October 2015
Event name :
COMEX Seminars, ULB
Event organizer :
Université Libre de Bruxelles
Event place :
Belgium
Event date :
29 octobre 2015
Name of the research project :
PAI P7/36 Comex
Funders :
BELSPO - SPP Politique scientifique - Service Public Fédéral de Programmation Politique scientifique
Available on ORBi :
since 21 October 2015

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