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- W1570644894 abstract "In many economic models the utility function chosen is based on preconceived ideas of the economic state. In order for a utility function to be flt to raw demand data an assumption is made (amongst others) that a preference relation holds within a cycle of data points (Eberhard et al. (2009)). In this paper we assume that errors have occurred in the data collection process which have somewhat corrupted the quantity consumed for the particular commodity price. This results in inconsistences in the preference relation and infeasibility of Afriat inequalities (Eberhard et al. (2009)). We introduce a method that allows the data to shift in order for a Generalised Axiom of Revealed Preference (GARP) to be satisfled by the data enabling a utility to be fltted. This technique is described in section 1. The commonly used Cobb-Douglas utility is deflned as" @default.
- W1570644894 created "2016-06-24" @default.
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- W1570644894 date "2009-01-01" @default.
- W1570644894 modified "2023-09-24" @default.
- W1570644894 title "Numerical simulations of techniques related to utility function and price elasticity estimators." @default.
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