A caveat for the application of the critical cost efficiency index in induced budget experiments
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| 024 | 7 | 0 | |a 10.1007/s10683-014-9407-y |2 doi |
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| 245 | 0 | 2 | |a A caveat for the application of the critical cost efficiency index in induced budget experiments |h [Elektronische Daten] |c [James Murphy, Samiran Banerjee] |
| 520 | 3 | |a Afriat's (Int Econ Rev 14(2): 460-472, 1973) critical cost efficiency index is often used to measure the extent to which experimental choice data violate the axioms of revealed preference. Under certain conditions, the index yields a value of one—which typically signifies rational choice—when, in fact, the choice violates the axioms. We term this a cost efficient violation (CEV) of the axioms, clarify the conditions under which it arises, and find that CEVs comprise the majority of violations in three of four studies reviewed. We suggest changes in experiment design to eliminate or reduce the likelihood of CEVs. | |
| 540 | |a Economic Science Association, 2014 | ||
| 690 | 7 | |a Afriat |2 nationallicence | |
| 690 | 7 | |a Critical cost efficiency index |2 nationallicence | |
| 690 | 7 | |a Rationality |2 nationallicence | |
| 690 | 7 | |a Revealed preference |2 nationallicence | |
| 700 | 1 | |a Murphy |D James |u Department of Economics, Richards College of Business, University of West Georgia, 30118, Carrollton, GA, USA |4 aut | |
| 700 | 1 | |a Banerjee |D Samiran |u Department of Economics, Emory University, 30322-2240, Atlanta, GA, USA |4 aut | |
| 773 | 0 | |t Experimental Economics |d Springer US; http://www.springer-ny.com |g 18/3(2015-09-01), 356-365 |x 1386-4157 |q 18:3<356 |1 2015 |2 18 |o 10683 | |
| 856 | 4 | 0 | |u https://doi.org/10.1007/s10683-014-9407-y |q text/html |z Onlinezugriff via DOI |
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| 900 | 7 | |a Metadata rights reserved |b Springer special CC-BY-NC licence |2 nationallicence | |
| 908 | |D 1 |a research-article |2 jats | ||
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| 950 | |B NATIONALLICENCE |P 856 |E 40 |u https://doi.org/10.1007/s10683-014-9407-y |q text/html |z Onlinezugriff via DOI | ||
| 950 | |B NATIONALLICENCE |P 700 |E 1- |a Murphy |D James |u Department of Economics, Richards College of Business, University of West Georgia, 30118, Carrollton, GA, USA |4 aut | ||
| 950 | |B NATIONALLICENCE |P 700 |E 1- |a Banerjee |D Samiran |u Department of Economics, Emory University, 30322-2240, Atlanta, GA, USA |4 aut | ||
| 950 | |B NATIONALLICENCE |P 773 |E 0- |t Experimental Economics |d Springer US; http://www.springer-ny.com |g 18/3(2015-09-01), 356-365 |x 1386-4157 |q 18:3<356 |1 2015 |2 18 |o 10683 | ||