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Type: Journal Articles Authors: Tim Beatty and Ian Crawford ISSN: 0002-8282
Published in: American Economic Review
Volume, issue, pages: Vol. 101, No. 6 pp. 2782-2795
JEL classification: D11; D12
Previous version: cemmap Working Papers [Details]
A well-known problem with revealed preference methods is that when data are found to satisfy their restrictions it is hard to know whether this should be viewed as a triumph for economic theory, or a warning that these conditions are so undemanding that almost anything goes. This paper allows researchers to make this distinction. Our approach uses an axiomatic characterization of a measure of predictive success due to Selten (1991). We illustrate the idea using a panel dataset. The results show that this approach can lead us to radically reassess our view of the empirical performance of economic theory. Search |
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