A revealed preference test of rationing

被引：5
|
作者：
Fleissig, Adrian R. [1 ]
Whitney, Gerald [2 ]
机构：
[1] Calif State Univ Fullerton, Dept Econ, Fullerton, CA 92834 USA
[2] Univ New Orleans, Dept Econ & Finance, New Orleans, LA 70148 USA
来源：
ECONOMICS LETTERS | 2011年 / 113卷 / 03期
关键词：
Afriat Inequalities; Generalized axiom of revealed preference; Rationing; UTILITY MAXIMIZATION; DEMAND;
D O I：
10.1016/j.econlet.2011.07.020
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
This paper derives a revealed preference test for utility maximization under rationing and can detect, for which goods rationing is binding without specifying a functional form or imposing rationing constraints prior to estimation. For UK data from 1920-55, we find evidence of utility maximization under rationing with rationing binding for food and other services. Estimated virtual prices exceed observed food prices by 16.5% in 1947 and observed prices of other services by 10.9% in 1952. (C) 2011 Elsevier B.V. All rights reserved.
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页码：234 / 236
页数：3
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