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    Revealed Preferences Theory: An Experimental Approach
    (Sosyoekonomi Soc, 2021) Ipek, Ozlem; Akyazi, Haydar
    In this study, the validity of the revealed preference axioms is tested by experimental data using non-parametric methods. In the experimental setup established to determine the preference structures of the consumers under different price and quantity scenarios, the subjects are asked to choose between two goods first and then eight different goods representing the multi-goods situation under different budgets. The results of the experiments show that, for both scenarios, all of the 107 people who participated in the experiment provided the GARP axiom and the WARP and SARP axioms. This result indicates that the preferences of all subjects consistent with the revealed preferences theory, which means that the subjects have rational preferences.
  • [ X ]
    Öğe
    REVEALED PREFERENCES: THEORY AND APPLICATION
    (Mehmet Akif Ersoy Univ, 2021) Ipek, Ozlem; Akyazi, Haydar
    In this study which aims to test validity of the revealed preference theory for Turkish households, determine the rationality in consumer preferences and measure welfare loss in case of violation of rationality, the revealed preference axioms are analyzed by using non-parametric methods over cross-sectional data. In the application where consumer behaviors of Turkish households are analyzed, 2004-2017 period Turkey Statistical Institute Household Budget Survey data set is used. The revealed preference axiom violation rates and rationality indices are calculated by considering preferences of households under the assumption of a unitary and collective consumption model. Findings show that households exhibit highly consistent behaviors with axioms. In addition, it is obtained that households used their incomes effectively during the analysis period, unexpected changes in prices have significant negative effects on consumer rationality and this causes an average welfare loss of 25% in households. It is also seen that the preferences created under the assumption of collective consumption model are less violating rationality and caused less loss of wealth. Finally, it is determined that socioeconomic variables such as age, education, gender and income status of individuals have an impact on preference rationality.