Single Peakedness and Giffen Demand
I provide a simple example of a single peaked utility function that generates a Giffen demand. The utility function is smooth, non piecewise defined, strictly concave but not globally increasing. A full characterization of the parameter conditions under which the Giffen demand arises is provided. In...
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Institutional Knowledge at Singapore Management University
2012
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| 在線閱讀: | https://ink.library.smu.edu.sg/soe_research/1324 https://ink.library.smu.edu.sg/context/soe_research/article/2323/viewcontent/Giffeng_refv3.pdf |
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sg-smu-ink.soe_research-23232019-04-19T14:44:55Z Single Peakedness and Giffen Demand LANDI, Massimiliano I provide a simple example of a single peaked utility function that generates a Giffen demand. The utility function is smooth, non piecewise defined, strictly concave but not globally increasing. A full characterization of the parameter conditions under which the Giffen demand arises is provided. In addition the properties of the demand function are studied: I find that the inferior commodity with a Giffen demand must be cheaper relatively to a substitute and that Giffen demand arises at relatively low levels of income. However it is not required that the share of income spent on that commodity be large. 2012-01-01T08:00:00Z text application/pdf https://ink.library.smu.edu.sg/soe_research/1324 https://ink.library.smu.edu.sg/context/soe_research/article/2323/viewcontent/Giffeng_refv3.pdf http://creativecommons.org/licenses/by-nc-nd/4.0/ Research Collection School Of Economics eng Institutional Knowledge at Singapore Management University Giffen behavior Utility function Single peakedness Expenditure share Economic Theory |
| institution |
Singapore Management University |
| building |
SMU Libraries |
| continent |
Asia |
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Singapore Singapore |
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SMU Libraries |
| collection |
InK@SMU |
| language |
English |
| topic |
Giffen behavior Utility function Single peakedness Expenditure share Economic Theory |
| spellingShingle |
Giffen behavior Utility function Single peakedness Expenditure share Economic Theory LANDI, Massimiliano Single Peakedness and Giffen Demand |
| description |
I provide a simple example of a single peaked utility function that generates a Giffen demand. The utility function is smooth, non piecewise defined, strictly concave but not globally increasing. A full characterization of the parameter conditions under which the Giffen demand arises is provided. In addition the properties of the demand function are studied: I find that the inferior commodity with a Giffen demand must be cheaper relatively to a substitute and that Giffen demand arises at relatively low levels of income. However it is not required that the share of income spent on that commodity be large. |
| format |
text |
| author |
LANDI, Massimiliano |
| author_facet |
LANDI, Massimiliano |
| author_sort |
LANDI, Massimiliano |
| title |
Single Peakedness and Giffen Demand |
| title_short |
Single Peakedness and Giffen Demand |
| title_full |
Single Peakedness and Giffen Demand |
| title_fullStr |
Single Peakedness and Giffen Demand |
| title_full_unstemmed |
Single Peakedness and Giffen Demand |
| title_sort |
single peakedness and giffen demand |
| publisher |
Institutional Knowledge at Singapore Management University |
| publishDate |
2012 |
| url |
https://ink.library.smu.edu.sg/soe_research/1324 https://ink.library.smu.edu.sg/context/soe_research/article/2323/viewcontent/Giffeng_refv3.pdf |
| _version_ |
1770571166463819776 |