A Class of Symmetric and Quadratic Utility Functions Generating Giffen Demand

Massimiliano Landi ()
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Massimiliano Landi: Singapore Management University

No 21-2014, Working Papers from Singapore Management University, School of Economics

Abstract: I provide a simple example of a quadratic utility function that generates a Giffen demand. The utility function is symmetric, increasing and concave. Interestingly, the Giffen effect arises in the subspace where the utility function is strictly increasing and strictly concave. A full characterization of the parameter conditions under which the Giffen demand arises is provided.

Pages: 23 pages
Date: 2014-11
New Economics Papers: this item is included in nep-mic, nep-sea and nep-upt
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Published in SMU Economics and Statistics Working Paper Series

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