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This paper is devoted to revealed preference theory and its applications totesting economic data for consistency with utility maximization hypothesis,construction of index numbers, and forecasting. The quantitative measures ofinconsistency of economic data with utility maximization behavior are alsodiscussed. The structure of the paper is based on comparison between the twotests of revealed preference theory - generalized axiom of revealed preference(GARP) and homothetic axiom of revealed prefernce (HARP). We do this comparisonboth theoretically and empirically. In particular we assess empirically thepower of these tests for consistency with maximization behavior and the size offorecasting sets based on them. For the forecasting problem we show that whenusing HARP there is an effective way of building the forecasting set since thisset is given by the solution of the system of linear inequalities. The paperalso touches upon the question of testing a set of Engel curves rather thanfinite set of observations for consistency with utility maximization behaviorand shows that this question has effective solution when we require therationalizing utility function to be positively homogeneous.

Positively-homogeneous Konus-Divisia indices and their applications to demand analysis and forecasting