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The last word on Giffen goods?

Author

Listed:
  • John H. Nachbar

    (Department of Economics, Box 1208, Washington University, St. Louis, MO 63130, USA)

Abstract

Giffen goods have long been a minor embarrassment to economics. While it is customary to dismiss them as empirically irrelevant, this essay argues that a more fundamental difficulty with Giffen goods has somehow been overlooked.

Suggested Citation

  • John H. Nachbar, 1998. "The last word on Giffen goods?," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 11(2), pages 403-412.
  • Handle: RePEc:spr:joecth:v:11:y:1998:i:2:p:403-412
    Note: Received: March 20, 1996; revised version: February 3, 1997
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    References listed on IDEAS

    as
    1. Xavier Vives, 1987. "Small Income Effects: A Marshallian Theory of Consumer Surplus and Downward Sloping Demand," Review of Economic Studies, Oxford University Press, vol. 54(1), pages 87-103.
    2. Dougan, William R, 1982. "Giffen Goods and the Law of Demand," Journal of Political Economy, University of Chicago Press, vol. 90(4), pages 809-815, August.
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    Cited by:

    1. Di Vita, Giuseppe, 2001. "Are the outputs derived from secondary materials giffen goods?," Resources Policy, Elsevier, vol. 27(4), pages 255-260, December.
    2. Felix Kubler & Larry Selden & Xiao Wei, 2014. "When Is a Risky Asset "Urgently Needed"?," American Economic Journal: Microeconomics, American Economic Association, vol. 6(2), pages 131-162, May.
    3. Daniel Friedman & József Sákovics, 2015. "Tractable consumer choice," Theory and Decision, Springer, vol. 79(2), pages 333-358, September.
    4. 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.
    5. 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.
    6. Zhu, Drew, 2016. "The Mechanism of Giffen Behaviour," MPRA Paper 75707, University Library of Munich, Germany.

    More about this item

    JEL classification:

    • B4 - Schools of Economic Thought and Methodology - - Economic Methodology
    • D5 - Microeconomics - - General Equilibrium and Disequilibrium

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