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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

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 one hand, the Wold-Juréen (Demand analysis: A study in Econometrics, 1953) utility function has been touted as the progenitor of a multi-decade search for those two-good, particular utility functions, which exhibit...

Persistent link: https://www.econbiz.de/10012173780

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

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

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

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

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