Sir Robert Giffen Meets Russia in Early 1990s
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.
|Date of creation:||01 Jul 2011|
|Date of revision:|
|Contact details of provider:|| Postal: 3718 Locust Walk, Philadelphia, PA 19104|
Web page: http://economics.sas.upenn.edu/pier
More information through EDIRC
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- repec:ebl:ecbull:v:15:y:2002:i:1:p:1-7 is not listed on IDEAS
- 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.
- Peter Norman Sørensen, 2004.
"Simple Utility Functions with Giffen Demand,"
04-22, University of Copenhagen. Department of Economics.
- 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.
- 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.
- Liebhafsky, H H, 1969. "New Thoughts About Inferior Goods," American Economic Review, American Economic Association, vol. 59(5), pages 931-34, December.
- Rod Garratt, 2005.
"A tale of two cities and a Giffen good,"
Canadian Journal of Economics,
Canadian Economics Association, vol. 38(1), pages 49-56, February.
- 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.
- H. Leibenstein, 1950. "Bandwagon, Snob, and Veblen Effects in the Theory of Consumers' Demand," The Quarterly Journal of Economics, Oxford University Press, vol. 64(2), pages 183-207.
- Sherwin Rosen, 1997.
University of Chicago - George G. Stigler Center for Study of Economy and State
135, Chicago - Center for Study of Economy and State.
- 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.
- 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.
- Di Vita, Giuseppe, 2001. "Are the outputs derived from secondary materials giffen goods?," Resources Policy, Elsevier, vol. 27(4), pages 255-260, December.
- 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.
- David Mckenzie, 2002. "Are tortillas a Giffen Good in Mexico?," Economics Bulletin, AccessEcon, vol. 15(1), pages 1-7.
- 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.
- 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.
- George J. Stigler, 1947. "Notes on the History of the Giffen Paradox," Journal of Political Economy, University of Chicago Press, vol. 55, pages 152.
When requesting a correction, please mention this item's handle: RePEc:pen:papers:11-020. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Dolly Guarini)
If references are entirely missing, you can add them using this form.