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A class of symmetric and quadratic utility functions generating Giffen demand

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  • Landi, Massimiliano

Abstract

I provide a simple example of a quadratic utility function that generates a Giffen demand. The utility function is symmetric, increasing and concave. Interestingly, the Giffen effect arises in the subspace where the utility function is strictly increasing and strictly concave. A full characterization of the parameter conditions under which the Giffen demand arises is provided.

Suggested Citation

  • Landi, Massimiliano, 2015. "A class of symmetric and quadratic utility functions generating Giffen demand," Mathematical Social Sciences, Elsevier, vol. 73(C), pages 50-54.
  • Handle: RePEc:eee:matsoc:v:73:y:2015:i:c:p:50-54
    DOI: 10.1016/j.mathsocsci.2014.11.006
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    References listed on IDEAS

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    1. Vandermeulen, Daniel C, 1972. "Upward Sloping Demand Curves Without the Giffen Paradox," American Economic Review, American Economic Association, vol. 62(3), pages 453-458, June.
    2. George J. Stigler, 1947. "Notes on the History of the Giffen Paradox," Journal of Political Economy, University of Chicago Press, vol. 55, pages 152-152.
    3. 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.
    4. 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, March.
    5. Butler, David J & Moffatt, Peter G, 2000. "The Demand for Goods under Mixture Aversion," Manchester School, University of Manchester, vol. 68(3), pages 349-359, June.
    6. Peter Sørensen, 2007. "Simple Utility Functions with Giffen Demand," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 31(2), pages 367-370, May.
    7. Junko Doi & Kazumichi Iwasa & Koji Shimomura, 2009. "Giffen behavior independent of the wealth level," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 41(2), pages 247-267, November.
    8. Robert T. Jensen & Nolan H. Miller, 2008. "Giffen Behavior and Subsistence Consumption," American Economic Review, American Economic Association, vol. 98(4), pages 1553-1577, September.
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    Cited by:

    1. Sproule, Robert A., 2020. "The delimitation of Giffenity for the Wold-Juréen (1953) utility function using relative prices: A note," Economics - The Open-Access, Open-Assessment E-Journal, Kiel Institute for the World Economy (IfW), vol. 14, pages 1-8.
    2. Biederman, Daniel K., 2015. "A strictly-concave, non-spliced, Giffen-compatible utility function," Economics Letters, Elsevier, vol. 131(C), pages 24-28.
    3. Franks, Edwin & Bryant, William D.A., 2018. "The Uncompensated Law of Demand in an exchange economy," Economics Letters, Elsevier, vol. 168(C), pages 127-131.

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