Demand and equilibrium with inferior and Giffen behaviors
Journal article: We introduce a class of differentiable, strictly increasing, concave utility functions exhibiting an explicit demand of a good which may have Giffen behavior. We provide a necessary and sufficient condition (based on prices and consumers’ preferences and income) under which this good is normal, inferior or Giffen. A general equilibrium analysis is also provided.
Author(s)
Cuong Le Van, Ngoc-Sang Pham
Journal
- Mathematical Social Sciences
Date of publication
- 2020
Keywords
- Inferior good
- Giffen good
- Equilibrium price
Pages
- 45-50
URL of the HAL notice
Version
- 1
Volume
- 103