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Simple Utility Functions with Giffen Demand

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  • Peter Sørensen

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Abstract

We present some simple utility functions whose Marshallian demand functions possess the Giffen property: at some price-wealth pairs, the demand for a good marginally increases in response to an increase in its own price. The utility functions satisfy standard preference properties throughout the usual consumption set of nonnegative bundles: continuity, monotonicity, and convexity.

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File URL: http://hdl.handle.net/10.1007/s00199-006-0086-6
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Bibliographic Info

Article provided by Springer in its journal Economic Theory.

Volume (Year): 31 (2007)
Issue (Month): 2 (May)
Pages: 367-370

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Handle: RePEc:spr:joecth:v:31:y:2007:i:2:p:367-370

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Related research

Keywords: Preferences; Giffen good; D11;

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  1. John H. Nachbar, 1996. "The Last Word on Giffen Goods?," GE, Growth, Math methods 9602001, EconWPA.
  2. Moffatt, Peter G., 2002. "Is Giffen behaviour compatible with the axioms of consumer theory?," Journal of Mathematical Economics, Elsevier, vol. 37(4), pages 259-267, July.
  3. Christian E. Weber, 1997. "The Case of a Giffen Good: Comment," The Journal of Economic Education, Taylor & Francis Journals, vol. 28(1), pages 36-44, March.
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Cited by:
  1. Junko Doi & Kazumichi Iwasa & Koji Shimomura, 2009. "Giffen behavior independent of the wealth level," Economic Theory, Springer, vol. 41(2), pages 247-267, November.
  2. Yochanan Shachmurove & Janusz Szyrmer, 2011. "Sir Robert Giffen Meets Russia in Early 1990s," PIER Working Paper Archive 11-020, Penn Institute for Economic Research, Department of Economics, University of Pennsylvania.

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