John Quah
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View article: Comparative Statics With Adjustment Costs and the Le Chatelier Principle
Comparative Statics With Adjustment Costs and the Le Chatelier Principle Open
We develop a theory of monotone comparative statics for models with adjustment costs. We show that comparative‐statics conclusions may be drawn under the usual ordinal complementarity assumptions on the objective function, assuming very li…
View article: An ordinal approach to the empirical analysis of games with monotone best responses
An ordinal approach to the empirical analysis of games with monotone best responses Open
We develop a nonparametric and ordinal approach for testing pure strategy Nash equilibrium play in games with monotone best responses, such as those with strategic complements/substitutes. The approach makes minimal assumptions on unobserv…
View article: Revealed preference and revealed preference cycles: A survey
Revealed preference and revealed preference cycles: A survey Open
Afriat's Theorem (1967) states that a dataset can be thought of as being generated by a consumer maximizing a continuous and increasing utility function if and only if it is free of revealed preference cycles containing a strict relation. …
View article: Rationalizability, Cost-Rationalizability, and Afriat's Efficiency Index
Rationalizability, Cost-Rationalizability, and Afriat's Efficiency Index Open
This note explains the equivalence between approximate rationalizability and approximate cost-rationalizability within the context of consumer demand. In connection with these results, we interpret Afriat's (1973) critical cost efficiency …
View article: Goodness-of-fit and utility estimation: what's possible and what's not
Goodness-of-fit and utility estimation: what's possible and what's not Open
A goodness-of-fit index measures the consistency of consumption data with a given model of utility-maximization. We show that for the class of well-behaved (i.e., continuous and increasing) utility functions there is no goodness-of-fit ind…
View article: Revealed preference and revealed preference cycles: a survey
Revealed preference and revealed preference cycles: a survey Open
Afriat's Theorem (1967) states that a dataset can be thought of as being generated by a consumer maximizing a continuous and increasing utility function if and only if it is free of revealed preference cycles containing a strict relation. …
View article: Money Pumps and Bounded Rationality
Money Pumps and Bounded Rationality Open
The standard criterion of rationality in economics is the maximization of a utility function that is stable across multiple observations of an agent's choice behavior. In this paper, we discuss two notions of the money pump that characteri…
View article: Comparative Statics With Linear Objectives: Normality, Complementarity, and Ranking Multi‐Prior Beliefs
Comparative Statics With Linear Objectives: Normality, Complementarity, and Ranking Multi‐Prior Beliefs Open
We formulate an order over constraint sets A ⊆ R ℓ , called the parallelogram order , which guarantees that argmin{ p ⋅ x : x ∈ A } increases in the product order as A increases in the parallelogram order, for any vector p ∈ R …
View article: Revealed Price Preference: Theory and Empirical Analysis
Revealed Price Preference: Theory and Empirical Analysis Open
To determine the welfare implications of price changes in demand data, we introduce a revealed preference relation over prices. We show that the absence of cycles in this relation characterizes a consumer who trades off the utility of cons…
View article: Comparative statics with adjustment costs and the Le Chatelier principle
Comparative statics with adjustment costs and the Le Chatelier principle Open
We develop a theory of monotone comparative statics for models with adjustment costs. We show that comparative-statics conclusions may be drawn under the usual ordinal complementarity assumptions on the objective function, assuming very li…
View article: Revealed Price Preference: Theory and Empirical Analysis
Revealed Price Preference: Theory and Empirical Analysis Open
Replication package for "Revealed Price Preference: Theory and Empirical Analysis" (Deb, Kitamura, Quah, Stoye; accepted for publication in the Review of Economic Studies). RREADME file in parent directory contains instructions for one-com…
View article: Revealed Price Preference: Theory and Empirical Analysis
Revealed Price Preference: Theory and Empirical Analysis Open
Replication package for "Revealed Price Preference: Theory and Empirical Analysis" (Deb, Kitamura, Quah, Stoye; accepted for publication in the Review of Economic Studies). RREADME file in partent direcvtory contains imnstructions for one-…
View article: Price Heterogeneity as a source of Heterogenous Demand
Price Heterogeneity as a source of Heterogenous Demand Open
We explore heterogenous prices as a source of heterogenous or stochastic demand. Heterogenous prices could arise either because there is actual price variation among consumers or because consumers (mis)perceive prices differently. Our main…
View article: Rationalizability, cost-rationalizability, and Afriat’s efficiency index
Rationalizability, cost-rationalizability, and Afriat’s efficiency index Open
This note explains the equivalence between approximate rationalizability and approximate cost-rationalizability within the context of consumer demand. In connection with these results, we interpret Afriat's (1973) critical cost efficiency …
View article: Ever since Allais
Ever since Allais Open
The Allais critique of expected utility theory (EUT) has led to the development of theories of choice under risk that relax the independence axiom, but which adhere to the conventional axioms of ordering and monotonicity. Unlike many exist…
View article: Revealed Preferences over Risk and Uncertainty
Revealed Preferences over Risk and Uncertainty Open
We develop a nonparametric method, called Generalized Restriction of Infinite Domains (GRID), for testing the consistency of budgetary choice data with models of choice under risk and under uncertainty. Our test can allow for risk-loving a…
View article: Revealed Price Preference: Theory and Empirical Analysis
Revealed Price Preference: Theory and Empirical Analysis Open
To determine the welfare implications of price changes in demand data, we introduce a revealed preference relation over prices. We show that the absence of cycles in this relation characterizes a consumer who trades off the utility of cons…
View article: A Comprehensive Approach to Revealed Preference Theory
A Comprehensive Approach to Revealed Preference Theory Open
Richter's theorem and Afriat's theorem are two fundamental results underlying modern revealed preference analysis. In this paper, we provide a version of Richter's theorem that characterizes the rationalizability of a choice data set with …
View article: A revealed preference theory of monotone choice and strategic complementarity
A revealed preference theory of monotone choice and strategic complementarity Open
We carry out a revealed preference analysis of monotone comparative statics. We ask what restrictions on an agent's observed choice behavior are necessary and sufficient to rationalize the data with a preference guaranteeing that choices a…