Goodness-of-fit in optimizing a consumer model
Review articleOpen access
2010/10/01 Full-length article DOI: 10.1016/j.mcm.2010.02.039
Journal: Mathematical and Computer Modelling
AbstractWe provide two new indices of efficiency for determining the degree of coherence in an agent’s consumption decisions. We analyze to what extent they improve the efficiency displayed by Varian’s  index. We report on the results of a Monte Carlo experiment that confirms that strict improvements of Varian’s vector-index appear on a regular basis.
Request full text