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Demand and equilibrium with inferior and Giffen behaviors

Author

Listed:
  • Cuong Le Van

    (IPAG Business School, CES - Centre d'économie de la Sorbonne - UP1 - Université Paris 1 Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique, PSE - Paris School of Economics - UP1 - Université Paris 1 Panthéon-Sorbonne - ENS-PSL - École normale supérieure - Paris - PSL - Université Paris Sciences et Lettres - EHESS - École des hautes études en sciences sociales - ENPC - École nationale des ponts et chaussées - CNRS - Centre National de la Recherche Scientifique - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement, Academy of Policy and Development - Partenaires INRAE, TIMAS - Institute of Mathematics and Applied Science, Konan University [Kobe, Japan])

  • Ngoc-Sang Pham

    (Groupe Sup de Co Montpellier (GSCM) - Montpellier Business School)

Abstract

We introduce a class of differentiable, strictly increasing, concave utility functions exhibiting an explicit demand of a good which may have Giffen behavior. We provide a necessary and sufficient condition (based on prices and consumers' preferences and income) under which this good is normal, inferior or Giffen. A general equilibrium analysis is also provided.

Suggested Citation

  • Cuong Le Van & Ngoc-Sang Pham, 2020. "Demand and equilibrium with inferior and Giffen behaviors," Post-Print hal-03261235, HAL.
    • Handle: RePEc:hal:journl:hal-03261235
    DOI: 10.1016/j.mathsocsci.2019.11.005
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    Cited by:

    1. Pham, Hai Ha & Pham, Ngoc-Sang, 2024. "Effects of wariness on economic growth in overlapping generations models," Journal of Mathematical Economics, Elsevier, vol. 115(C).
    2. Hai Ha Pham & Ngoc-Sang Pham, 2025. "Wariness and Poverty Traps," Papers 2510.14418, arXiv.org.
    3. Kim, Daehwan & Nilsen, Jeffrey, 2021. "Testing the presence of borrowing constraints from consumption responses to housing deposit changes," Journal of Asian Economics, Elsevier, vol. 74(C).

    More about this item

    Keywords

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    JEL classification:

    • D11 - Microeconomics - - Household Behavior - - - Consumer Economics: Theory
    • D51 - Microeconomics - - General Equilibrium and Disequilibrium - - - Exchange and Production Economies

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