A well-behaved utility function can generate Giffen behavior
AbstractWe 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
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Bibliographic InfoPaper provided by Research Institute for Economics & Business Administration, Kobe University in its series Discussion Paper Series with number 181.
Date of creation: Feb 2006
Date of revision: May 2006
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- 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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