← Every exhibit
What is revealed preference?
| Object | Observation | Boundary |
|---|---|---|
| Stated preference | What someone says they prefer or would buy | Prompt, wording, hypothetical context |
| Purchase intent | A declared likelihood or willingness | No transaction is required |
| Choice data | Selection from a shown or available alternative set | Alternatives, prices, timing, and access matter |
| Transaction | An executed exchange | Budget, authority, fulfillment, and terms remain relevant |
| Revealed preference | An interpretation of observed choice | It is an inference under assumptions |
| Willingness to pay | Maximum value under a defined decision frame | It is not observed merely because a choice occurred |
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Reference & Evidence
Source: Table from this essay. Sources and interpretation are given in the article.
Related exhibits
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The revealed-preference choice record
From the essay What is revealed preference? Observed choice is not willingness to pay
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Preference-to-choice verification matrix
From the essay Voice of customer is not observed choice
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The preference at equal money, and what a premium does to it
From the essay A flat rate buys your customer’s worst month.