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The Last Word on Giffen Goods?

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  • John H. Nachbar

    (Washington University, St. Louis)

Abstract

Giffen 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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File URL: http://128.118.178.162/eps/ge/papers/9602/9602001.pdf
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File URL: http://128.118.178.162/eps/ge/papers/9602/9602001.tex
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Bibliographic Info

Paper provided by EconWPA in its series GE, Growth, Math methods with number 9602001.

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Length: 14 pages
Date of creation: 14 Feb 1996
Date of revision:
Handle: RePEc:wpa:wuwpge:9602001

Note: Type of Document - Postscript from AMS-LaTeX; prepared on Macintosh; to print on Postscript; pages: 14
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Web page: http://128.118.178.162

Related research

Keywords: Giffen goods; demand theory; general equilibrium theory;

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References

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  1. 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.
  2. 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.
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Citations

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Cited by:
  1. Peter Norman Sørensen, 2004. "Simple Utility Functions with Giffen Demand," Discussion Papers 04-22, University of Copenhagen. Department of Economics.
  2. Junko Doi & Kazumichi Iwasa & Koji Shimomura, 2009. "Giffen behavior independent of the wealth level," Economic Theory, Springer, vol. 41(2), pages 247-267, November.
  3. Di Vita, Giuseppe, 2001. "Are the outputs derived from secondary materials giffen goods?," Resources Policy, Elsevier, vol. 27(4), pages 255-260, December.
  4. 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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