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Identifier to cite or link to this item: https://hdl.handle.net/10086/31099

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Title
Do Large-scale Point-of-sale Data Satisfy the Generalized Axiom of Revealed Preference in Aggregation Using Representative Price Indexes?: A Case Involving Processed Food and Beverages
Creator
Creator Name
Sato, Hideyasu Sato, Hideyasu
佐藤, 秀保 佐藤, 秀保
Affiliation
Affiliation Name
Hitotsubashi University
Key Word
Aggregation
Revealed preference
Weak separability
POS data
JEL
C43
D12
Q11
Abstract
The necessary conditions for data to be rationalized by weakly separable utility functions are verified by aggregation using representative price indexes. For processed food and beverages, the generalized axiom of revealed preference (GARP) is tested using large-scale product-level point-of-sale data. If GARP is not satisfied, the Afriat efficiency index (AEI) is introduced to assess the degree of optimization error. We find that the larger the number of observations in the time series direction, the less likely GARP is to be satisfied. However, the maximum level of AEI is, at most, more than 99.6%, indicating that the degree of the optimization error is small.
Publisher
Institute of Economic Research, Hitotsubashi University
Issued Date
2020-03-30
Language
English(eng)
Resource Type
technical report
Version Type
VoR
Is Part OfRelation -
Related Title
RCESR Discussion Paper Series ; No. DP19-2
Relation
Related Identifier
URI
  http://risk.ier.hit-u.ac.jp/English/index.html
Number of Pages
21
Sponsorship
This work was supported by JSPS KAKENHI, 19H01467.
Appears in Collections
RCESR Discussion Paper Series / Research Center for Economic and Social Risks
URL
https://hdl.handle.net/10086/31099