Narrow search
Showing 1 - 10 of 707,644
Cover Image
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
Cover Image
Inferior Goods : A Utility Function Reflecting Product Quality and Quantity
Onuma, Ayumi - 2020
This paper theoretically derives a general utility function for inferior goods that accounts for the utility derived from both the quality and the quantity aspects of goods in a model with two substitutable consumption goods. We show the conditions under which a good becomes a normal, an...
Persistent link: https://www.econbiz.de/10012841970
Cover Image
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
Cover Image
Are the Outputs Derived from Secondary Materials Giffen Goods?
DiVita, Giuseppe - 2011
In this paper we show that under double constraint the goods derived from secondary materials could be Giffen. The example is given of paper derived from waste recycling. We show that if the policy maker misunderstands the type of goods, because he incorrectly considers a Giffen good to be...
Persistent link: https://www.econbiz.de/10013124437
Cover Image
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
Cover Image
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
Cover Image
Linking the Substitution and Output Effects of Production to Profit Maximization in the Intermediate Microeconomics Course
Wolcowitz, Jeffrey - 2014
In a recent article, Thaver (2013) makes the case for including in intermediate microeconomics textbooks analysis of the substitution and output effects of a firm's response to a change in the price of an input. In her analysis, Thaver assumes that the firm is constrained by a fixed budget for...
Persistent link: https://www.econbiz.de/10013062759
Cover Image
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
Cover Image
Mitigating Probate Costs
Shane, Philip B. - 2023
Abstract: This paper provides a discussion of the political economy of probate, with the goal of motivating financial planners to play an important role in helping their clients avoid it. The paper explores the reluctance among members of the legal community to adequately apprise their clients...
Persistent link: https://www.econbiz.de/10014350415
Cover Image
Applying Intermediate Microeconomics to Terrorism
Anderton, Charles H.; Carter, John R. - 2004
basic game theory helps characterize the strategic interdependencies among terrorists and governments …
Persistent link: https://www.econbiz.de/10014069498