Simple Utility Functions with Giffen Demand
AbstractWe 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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Bibliographic InfoPaper provided by University of Copenhagen. Department of Economics in its series Discussion Papers with number 04-22.
Length: 10 pages
Date of creation: Oct 2004
Date of revision:
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preferences; Giffen good;
Other versions of this item:
- D11 - Microeconomics - - Household Behavior - - - Consumer Economics: Theory
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- 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, January.
- John H. Nachbar, 1998.
"The last word on Giffen goods?,"
Springer, vol. 11(2), pages 403-412.
- 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.
- Junko Doi & Kazumichi Iwasa & Koji Shimomura, 2009. "Giffen behavior independent of the wealth level," Economic Theory, Springer, vol. 41(2), pages 247-267, November.
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