A class of symmetric and quadratic utility functions generating Giffen demand
Mathematical Social Sciences, 2015, vol. 73, issue C, 50-54
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.
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