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Type | Working Paper |
Scope | Discipline-based scholarship |
Title | Identification of preferences, demand and equilibrium with finite data |
Organization Unit | |
Authors |
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Language |
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Institution | Centre for Research in Economic Theory and its Applications |
Series Name | CRETA Discussion Paper Series |
Number | 60 |
Number of Pages | 16 |
Date | 2020 |
Abstract Text | We give conditions under which an individual's preferences can be identified with finite data. First, we derive conditions that guarantee that a finite number of observations of an individual's binary choices identify preferences over an arbitrarily large subset of the choice space and allow one to predict how the individual shall decide when faced with choices not previously encountered. Second, we extend the argument to observations of individual demand. Finally, we show that finitely many observations of Walrasian equilibrium prices and profiles of individual endowments suffice to identify individual preferences and, as a consequence, equilibrium comparative statics. |
Official URL | https://warwick.ac.uk/fac/soc/economics/research/centres/creta/papers/manage/creta60_-_herakles_polemarchakis.pdf |
Other Identification Number | merlin-id:20433 |
PDF File | Download from ZORA |
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Keywords | Identification, finite data, preferences, choice, demand, Walrasian equilibrium |