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The delimitation of Giffenity for the Wold-Juréen (1953) utility function using relative prices : a note
Sproule, Robert A. - 2020
In the study of Giffen behavior or "Giffenity", there remains a paradox. On the one hand, the Wold-Juréen (1953) utility function has been touted as the progenitor of a multi-decade search for those two-good, particular utility functions, which exhibit Giffenity. On the other hand, there is no...
Persistent link: https://www.econbiz.de/10012262330
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Understanding Giffen Behavior as an Extreme Case of Asymmetric Substitutability
De Jaegher, Kris - 2003
Microeconomic textbooks explain Giffen behavior as an extreme case of negative income effects. This focus on income effects is reflected in the numerical examples of preferences mappings that are provided in textbooks, namely preferences involving zero elastic income effects (quasilinear...
Persistent link: https://www.econbiz.de/10014074258
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Prevention as a Giffen Good
Peter, Richard - 2021
A criterion is provided for prevention to be a Giffen good. Under decreasing absolute risk aversion, prevention can only be Giffen if the loss probability is below an endogenous threshold value. For iso-elastic utility, this is possible but not empirically plausible
Persistent link: https://www.econbiz.de/10013219527
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Not all Giffen Goods, are Inferior Goods
Vallejo, Hernan - 2021
It is well known in the economic literature that the labor supply curve can bend backwards and, therefore, that leisure can be a Giffen good. It is also known that leisure can be a normal good. This article proves that if leisure is a Giffen good, it has to be a normal good. This result also...
Persistent link: https://www.econbiz.de/10013236872
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Giffen Goods : A Common Phenomenon in Macro Economy & Explanation of Economic Crisis From A Microeconomic View
He, Yiping; Shi, Wei; Zhao, Gang; Gong, Xiaoming - 2011
The current study points out that the derivation of the aggregate demand curve based on theory of consumer behavior has … when the supply of the product falls short of demand. The current study proposed a new theory to prove the common existence … financial/economic crisis from a microeconomic prospective. Furthermore, the proposed theory provides a theoretical backup for …
Persistent link: https://www.econbiz.de/10014203372
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Integrating the Output and Substitution Effects of Production into the Intermediate Microeconomics Textbook
Thaver, Ranjini L. - 2013
textbooks do not apply a parallel analysis in production theory, creating an analytical vacuum at the undergraduate level. This …
Persistent link: https://www.econbiz.de/10013090019
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An Introductory Microeconomics In-class Experiment to Enhance Critical Thinking and the Integration of Modern Theory
Raboy, David - 2016
current transition in microeconomic theory motivated by contributions from behavioral economics and transactions …
Persistent link: https://www.econbiz.de/10012985923
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The Supply of Labour in Perfectly Competitive Market
Patra, Nilanjan - 2006
Persistent link: https://www.econbiz.de/10014059163
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A Note on the Long-Run Effect of a Tax-Rebate Program
Wang, Yuntong - 2019
We consider the following dynamic tax-rebate program. In each period, a (fixed) quantity tax is imposed on each unit of the good consumed and the tax revenue is rebated back to the consumer in the next period. The program lasts for infinite number of periods. We consider consumer's dynamic...
Persistent link: https://www.econbiz.de/10014070144
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The Cobb-Douglas Function : Simple Derivations and How Students Might Accept Strange Dimensional-Properties
Koch, Matthias - 2013
The Cobb Douglas production function is a central element in economic growth theory and Microeconomics. Its popularity …
Persistent link: https://www.econbiz.de/10013081065