On The History and The Mathematics of The Wold-Juréen (1953) Utility Function, And Its Basis For The Modeling of Giffen Behavior

Robert Sproule

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Abstract: Twenty years ago, Peter Moffatt (2002) posed this general question: “Is Giffen behavior compatible with the axioms of consumer theory?” The present paper addresses this very same question, but only as it applies to the Wold-Juréen (1953) utility function. In this paper, we demonstrate that the Wold-Juréen (1953) utility function exhibits both Giffenity and compatibility with the axioms of consumer theory. Our singular interest in the Wold-Juréen (1953) utility function stems from the fact that this utility function continues to be the preeminent theoretical benchmark in the study of Giffenity.

Keywords: Wold-Juréen (1953) utility function; Slutsky decomposition; Giffen Behavior; Axioms of Consumer Theory (search for similar items in EconPapers)
JEL-codes: A22 A23 D11 (search for similar items in EconPapers)
Date: 2022
New Economics Papers: this item is included in nep-his, nep-hpe and nep-upt
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Persistent link: https://EconPapers.repec.org/RePEc:zbw:esprep:263912

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