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New Insights into the Theory of Giffen Goods

Part of the Lecture Notes in Economics and Mathematical Systems Book Series (volume 655)

Editors: Heijman, Wim; von Mouche, Pierre

DOI: 10.1007/978-3-642-21777-7

ISBN: 978-3-642-21776-0

Publisher: Springer Berlin Heidelberg - Springer Journals

Jul 30, 2011

1 - 10 of 12 Chapters

LitStream

Chapter 1Introduction

Heijman, Wim; von Mouche, Pierre

Pages: 1 –4

[This book deals with the neoclassical consumer theory of Giffen goods. According to this theory these are goods for which the quantity demanded increases if their price increases. There are other theories that describe mechanisms for such relationships, leading to, for example, Veblen goods. The...
LitStream

Chapter 2Notes on Some Theories of Giffen Behaviour

Haagsma, Rein

Pages: 5 –19

[Alfred Marshall’s introduction of the “Giffen paradox” has kept the minds of many economists occupied for more than a century, as has the more general issue of the possibility of an upward sloping segment of the demand curve. In this paper, I will briefly discuss the main historical roots of...
LitStream

Chapter 3Exact and Useful Optimization Methods for Microeconomics

Balder, Erik J.

Pages: 21 –38

[This paper points out that the treatment of utility maximization in current textbooks on microeconomic theory is deficient in at least three respects: breadth of coverage, completeness-cum-coherence of solution methods and mathematical correctness. Improvements are suggested in the form of a...
LitStream

Chapter 4On the Definitions of Giffen and Inferior Goods

von Mouche, Pierre; Pijnappel, Willem

Pages: 39 –52

[We consider Giffen goods for the very general setting of an upper semi-continuous utility function. Two not equivalent definitions for this notions are discussed. Concerning this we show that there exists a (well-defined) non-decreasing demand function \documentclass[12pt]{minimal}...
LitStream

Chapter 5Giffen Behaviour and Strong Asymmetric Gross Substitutability

De Jaegher, Kris

Pages: 53 –67

[Let a consumer consume two goods, and let good 1 be a Giffen good. Then a well-known necessary condition for such behaviour is that good 1 is an inferior good. This paper shows that an additional necessary condition for such behaviour is that good 1 is a gross substitute for good 2, and that...
LitStream

Chapter 6A Child Garden of Concrete Giffen Utility Functions: A Theoretical Review

Heijman, Wim; von Mouche, Pierre

Pages: 69 –88

[We present a theoretical review of the literature on concrete utility functions for Giffen and inferior goods within the context of the utility maximisation problem under a budget restriction and provide new functional forms. The presentation is organised around the specific properties such...
LitStream

Chapter 7On Giffen’s Paradox

Wold, Herman O. A.

Pages: 89 –96

[A continuous, strictly increasing quasi-concave utility function that exhibits Giffen behaviour is given.]
LitStream

Chapter 8Giffen Demand for Several Goods

Sørensen, Peter Norman

Pages: 97 –104

[The utility maximizing consumer’s demand function may simultaneously possess the Giffen property for any number of goods strictly less than all. By way of a simple example it is possible to illuminate the preference characteristics conducive to such a result.]
LitStream

Chapter 9Giffen Behavior Independent of the Wealth Level

Doi, Junko; Iwasa, Kazumichi; Shimomura, Koji

Pages: 105 –126

[We demonstrate that a well-behaved utility function can generate Giffen behavior, where “well-behaved” means that its indifference curves are smooth, convex, and closed in a commodity space; the resulting demand function of each good is differentiable with respect to prices and income. Moreover,...
LitStream

Chapter 10A Class of Indirect Utility Functions Predicting Giffen Behaviour

Moffatt, Peter G.

Pages: 127 –141

[The problem of recognising Giffen behaviour is approached from the standpoint of the indirect utility function (IUF) from which the Marshallian demands are easily obtained via Roy’s identity. It is shown that, for the two-good situation, downward convergence of the contours of the IUF is...

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