Giffen Goods: A Duality Theorem
Henry Keith Moffatt and
Peter Moffatt ()
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Henry Keith Moffatt: Cambridge
No 12, University of East Anglia Applied and Financial Economics Working Paper Series from School of Economics, University of East Anglia, Norwich, UK.
We show that if two goods whose Indirect Utility Function V (p; q) exhibits the Giffen property for good 1 in some subdomain G(p; q) of the positive quadrant, and if U(x; y) is a Direct Utility Function given by U(x; y) = -V (x; y) and therefore having the same convex contours as V, then U also exhibits the Giffen property for good 2 rather than for good 1, in the corresponding region G(x; y) of the positive (x; y) quadrant. The converse is also true.
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