Giffen Goods: A Duality Theorem
We show that if two goods whose Indirect Utility Function V (p; q) exhibits the Giffen property for good 1 in some subdomain G(p; q) of the positive quadrant, and if U(x; y) is a Direct Utility Function given by U(x; y) = -V (x; y) and therefore having the same convex contours as V, then U also exhibits the Giffen property for good 2 rather than for good 1, in the corresponding region G(x; y) of the positive (x; y) quadrant. The converse is also true.
|Date of creation:||15 Sep 2010|
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- Butler, David J & Moffatt, Peter G, 2000. "The Demand for Goods under Mixture Aversion," Manchester School, University of Manchester, vol. 68(3), pages 349-59, June.
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