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Sir Robert Giffen Meets Russia in Early 1990s

  • Yochanan Shachmurove

    ()

    (Department of Economics, University of Pennsyslvania and The City College of The City University of New York)

  • Janusz Szyrmer

    ()

    (CASE-Ukraine, Kiev)

This paper analyzes the theoretical foundations of Giffen goods and details the difficulty with which prior studies have encountered limited empirical proof of Giffenity. Subsequently, a discussion of the economic overview of Russia during the early 1990s is provided. The paper then applies Giffenity to the newly established free market system of post-Soviet Union Russia while acknowledging changes in the prices for goods, specifically, for inferior food commodities. The paper concludes by advocating for the need to incorporate Giffenity into current economic theory to make it more comprehensive.

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File URL: http://economics.sas.upenn.edu/system/files/11-020.pdf
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Paper provided by Penn Institute for Economic Research, Department of Economics, University of Pennsylvania in its series PIER Working Paper Archive with number 11-020.

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Length: 25 pages
Date of creation: 01 Jul 2011
Date of revision:
Handle: RePEc:pen:papers:11-020
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  1. Peter Norman Sørensen, 2004. "Simple Utility Functions with Giffen Demand," Discussion Papers 04-22, University of Copenhagen. Department of Economics.
  2. Battalio, Raymond C & Kagel, John H & Kogut, Carl A, 1991. "Experimental Confirmation of the Existence of a Giffen Good," American Economic Review, American Economic Association, vol. 81(4), pages 961-70, September.
  3. Steindl, Frank G, 1973. "Money and Bonds as Giffen Goods," The Manchester School of Economic & Social Studies, University of Manchester, vol. 41(4), pages 418-24, December.
  4. 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.
  5. George J. Stigler, 1947. "Notes on the History of the Giffen Paradox," Journal of Political Economy, University of Chicago Press, vol. 55, pages 152.
  6. Garratt, Rod, 2003. "A Tale of Two Cities and a Giffen Good," University of California at Santa Barbara, Economics Working Paper Series qt93z368z7, Department of Economics, UC Santa Barbara.
  7. Robert T. Jensen & Nolan H. Miller, 2008. "Giffen Behavior and Subsistence Consumption," American Economic Review, American Economic Association, vol. 98(4), pages 1553-77, September.
  8. Liebhafsky, H H, 1969. "New Thoughts About Inferior Goods," American Economic Review, American Economic Association, vol. 59(5), pages 931-34, December.
  9. Gilley, Otis W & Karels, Gordon V, 1991. "In Search of Giffen Behavior," Economic Inquiry, Western Economic Association International, vol. 29(1), pages 182-89, January.
  10. Davies, John E, 1994. "Giffen Goods, the Survival Imperative, and the Irish Potato Culture," Journal of Political Economy, University of Chicago Press, vol. 102(3), pages 547-65, June.
  11. Sherwin Rosen, 1999. "Potato Paradoxes," Journal of Political Economy, University of Chicago Press, vol. 107(S6), pages S294-S313, December.
  12. David Mckenzie, 2002. "Are tortillas a Giffen Good in Mexico?," Economics Bulletin, AccessEcon, vol. 15(1), pages 1-7.
  13. Koenker, Roger, 1977. "Was Bread Giffen? The Demand for Food in England Circa 1790," The Review of Economics and Statistics, MIT Press, vol. 59(2), pages 225-29, May.
  14. Di Vita, Giuseppe, 2001. "Are the outputs derived from secondary materials giffen goods?," Resources Policy, Elsevier, vol. 27(4), pages 255-260, December.
  15. repec:ebl:ecbull:v:15:y:2002:i:1:p:1-7 is not listed on IDEAS
  16. 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.
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