Demand and equilibrium with inferior and Giffen behaviors

Cuong Le Van () and Ngoc-Sang Pham
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Cuong Le Van: IPAG Business School, CES - Centre d'économie de la Sorbonne - UP1 - Université Paris 1 Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique, PSE - Paris School of Economics - UP1 - Université Paris 1 Panthéon-Sorbonne - ENS-PSL - École normale supérieure - Paris - PSL - Université Paris Sciences et Lettres - EHESS - École des hautes études en sciences sociales - ENPC - École nationale des ponts et chaussées - CNRS - Centre National de la Recherche Scientifique - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement, Academy of Policy and Development - Partenaires INRAE, TIMAS - Institute of Mathematics and Applied Science, Konan University [Kobe, Japan]

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Abstract: 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.

Keywords: Inferior good; Giffen good; Equilibrium price (search for similar items in EconPapers)
Date: 2020-01
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Citations: View citations in EconPapers (1)

Published in Mathematical Social Sciences, 2020, 103, pp.45-50. ⟨10.1016/j.mathsocsci.2019.11.005⟩

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Related works:
Journal Article: Demand and equilibrium with inferior and Giffen behaviors (2020)
Working Paper: Demand and equilibrium with inferior and Giffen behaviors (2020)
Working Paper: Demand and equilibrium with inferior and Giffen behaviors (2020)
Working Paper: Demand and equilibrium with inferior and Giffen behaviors (2019)
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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-03261235

DOI: 10.1016/j.mathsocsci.2019.11.005

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