The Last Word on Giffen Goods?
AbstractGiffen goods have long been a minor embarrassment to courses in microeconomic theory. The standard approach has been to dismiss Giffen goods as a theoretical curiosity without empirical content. This note points out that the underlying theory is itself seriously flawed.
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Bibliographic InfoPaper provided by EconWPA in its series GE, Growth, Math methods with number 9602001.
Length: 14 pages
Date of creation: 14 Feb 1996
Date of revision:
Note: Type of Document - Postscript from AMS-LaTeX; prepared on Macintosh; to print on Postscript; pages: 14
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Giffen goods; demand theory; general equilibrium theory;
Other versions of this item:
- A22 - General Economics and Teaching - - Economic Education and Teaching of Economics - - - Undergraduate
- A23 - General Economics and Teaching - - Economic Education and Teaching of Economics - - - Graduate
- C62 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - Existence and Stability Conditions of Equilibrium
- D51 - Microeconomics - - General Equilibrium and Disequilibrium - - - Exchange and Production Economies
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Dougan, William R, 1982. "Giffen Goods and the Law of Demand," Journal of Political Economy, University of Chicago Press, vol. 90(4), pages 809-15, August.
- Vives, Xavier, 1987. "Small Income Effects: A Marshallian Theory of Consumer Surplus and Downward Sloping Demand," Review of Economic Studies, Wiley Blackwell, vol. 54(1), pages 87-103, January.
- Peter Norman Sørensen, 2004.
"Simple Utility Functions with Giffen Demand,"
04-22, University of Copenhagen. Department of Economics.
- Junko Doi & Kazumichi Iwasa & Koji Shimomura, 2009. "Giffen behavior independent of the wealth level," Economic Theory, Springer, vol. 41(2), pages 247-267, November.
- Di Vita, Giuseppe, 2001. "Are the outputs derived from secondary materials giffen goods?," Resources Policy, Elsevier, vol. 27(4), pages 255-260, December.
- Daniel Friedman (University of California at Santa Cruz) József Sákovics (The University of Edinburgh), 2014. "Tractable Consumer Choice," ESE Discussion Papers 240, Edinburgh School of Economics, University of Edinburgh.
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