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A Mean Demand Function and Individual Demand Functions Confronted with the Weak and the Strong Axioms of Revealed Preference: An Empirical Test
Axel Mossin
Abstract
This empirical investigation is based on consumers' reports about their weekly purchases of everyday commodities. From the data we have corresponding price and consumption vectors of a number of individual demand functions and one mean demand function. By comparison with simulated demand functions, the correspondence between the price and consumption vectors is shown to be systematic and in agreement with the axioms of revealed preference.
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