A TEST OF CONSUMER DEMAND THEORY USING OBSERVATIONS OF INDIVIDUAL CONSUMER PURCHASES

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  • *The paper was jointly written by Battalio, Kagel and Winkler. The research was conducted in collaboration with Fisher, Basmann and Krasner. We would like to thank the staff and administration of the Central Islip State Mental Hospital without whose assistance this research would not have been completed. Henry Warren did the programming used in the test evaluation and Larry Allen did the programming necessary to analyze the residual effects of price changes. This experiment and its analysis was partially supported by N.S.F. Grant GS 32057, “Interpretation Systems for Empirical Economic Theories of Consumer and Factor Demand,” (Principle Investigators: R. L. Basmann, R.C. Battalio and J. H. Kagel) and by U.S. Public Health Service Grant #11938 (Principle Investigator, Leonard Krasner).

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