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A well-behaved utility function can generate Giffen behavior

Author

Listed:
  • Junko Doi

    (Department of Economics, Kansai University (Japan) and Kyoto Sangyo University (Japan))

  • Kazumichi Iwasa

    (Graduate School of Economics, Kobe University, Japan)

  • Koji Shimomura

    (Research Institute for Economics & Business Administration (RIEB), Kobe University, Japan)

Abstract

We present a specific utility function which generates Giffen behavior. The derived demand function of each good is not only continuous in its price and income but also partly increasing in its price and decreasing in income. Moreover, we show that Giffen behavior is compatible with arbitrary level of utility; thus the standard "margarine-butter paradigm" may not adequately explain Giffen's paradox.Length: 21 pages

Suggested Citation

  • Junko Doi & Kazumichi Iwasa & Koji Shimomura, 2006. "A well-behaved utility function can generate Giffen behavior," Discussion Paper Series 181, Research Institute for Economics & Business Administration, Kobe University, revised May 2006.
    • Handle: RePEc:kob:dpaper:181
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    Cited by:

    1. Junko Doi & Kazumichi Iwasa & Koji Shimomura, 2006. "Indeterminacy in the free-trade world," Discussion Paper Series 187, Research Institute for Economics & Business Administration, Kobe University.

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