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.

Abstract: 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.

Date: 2010-09-15
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