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Giffen's Paradox Revisited

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  • Berg, Morten

Abstract

The main argument of this paper is that the theoretical definition of Giffen's paradox is ambiguous to the extent that it ignores the initial endowments of the consumer. A Slutsky equation incorporating positive initial endowments is used to discuss the Irish demand for potatoes in 1845-1849, and a set of conditions to test whether or not the Irish potato was a Giffen good are deduced. Copyright 1987 by Blackwell Publishing Ltd and the Board of Trustees of the Bulletin of Economic Research

Suggested Citation

  • Berg, Morten, 1987. "Giffen's Paradox Revisited," Bulletin of Economic Research, Wiley Blackwell, vol. 39(1), pages 79-89, January.
    • Handle: RePEc:bla:buecrs:v:39:y:1987:i:1:p:79-89
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    Cited by:

    1. Miller, Anne, 2023. "Demand Theory for Poverty and Affluence: A Contribution to Utility Theory," MPRA Paper 117618, University Library of Munich, Germany, revised 13 Jun 2023.
    2. Miller, Anne, 2022. "Demand theory for poverty and affluence," MPRA Paper 116144, University Library of Munich, Germany.
    3. Michael V. White, 1990. "Invention in the Face of Necessity: Marshallian Rhetoric and the Giffen Good(s)," The Economic Record, The Economic Society of Australia, vol. 66(1), pages 1-11, March.
    4. Robert Sproule & Ambrose Leung, 2007. "Using the compensating and equivalent variations to define the Slutsky Equation under a discrete price change," Economics Bulletin, AccessEcon, vol. 4(11), pages 1-9.
    5. Olli Salmensuu, 2021. "Potato Importance for Development Focusing on Prices," JRFM, MDPI, vol. 14(3), pages 1-14, March.

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