Heterogeneity and the non-parametric analysis of consumer choice: conditions for invertibility
Beckert, Walter and Blundell, R. (2008) Heterogeneity and the non-parametric analysis of consumer choice: conditions for invertibility. Review of Economic Studies 75 (4), pp. 1069-1080. ISSN 0034-6527.
Abstract
This paper considers structural non-parametric random utility models for continuous choice variables with unobserved heterogeneity. We provide sufficient conditions on random preferences to yield reduced-form systems of non-parametric stochastic demand functions that allow global invertibility between demands and non-separable unobserved heterogeneity. Invertibility is essential for global identification of structural consumer demand models, for the existence of well-specified probability models of choice and for the non-parametric analysis of revealed stochastic preference. We distinguish between new classes of models in which heterogeneity is separable and non-separable in the marginal rates of substitution, respectively.
Metadata
| Item Type: | Article |
|---|---|
| School: | School of Business, Economics & Informatics > Economics, Mathematics and Statistics |
| Research Centres and Institutes: | Commodities Finance Centre |
| Depositing User: | Administrator |
| Date Deposited: | 01 Feb 2011 11:59 |
| Last Modified: | 07 Dec 2016 15:30 |
| URI: | https://eprints.bbk.ac.uk/id/eprint/1921 |
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