Giffen good


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Related to Giffen good: Engel curve

Giffen good

Any good that is purchased in greater quantities as its price increases.
References in periodicals archive ?
As an example, consider the insight that (7) and (8) can provide to the problem of insurance as a Giffen good.
dealt with the Giffen good by dismissing it as a theoretical possibility but a practical impossibility.
offer curve intersect Japan's free-trade offer curve in range TJ (the Giffen good range), then the VIE-ridden equilibrium is in range TM.
Eeckhoudt, 1989, More on Insurance as a Giffen Good, Journal of Risk and Uncertainty, 2: 415-420.
As is clear from Figure 2b, Good 1 is a Giffen good.
Hoy and Robson (1981) further discuss the case in which market insurance can be a Giffen good.
Schools are so determined to impress upon economists-in-training the importance of Giffen Good paradoxes and the latest debate between Smithian free-market and Keynesian philosophies that these trees tend to obscure the forest of daily practice.
For example, Boland makes a lengthy argument that neoclassical economics cannot admit the possibility of a Giffen good because such goods are inconsistent with the well-known stability conditions for market-determined prices; if the demand curve slopes upward, there may be no determinate market price.
To see whether a coinsurance-type insurance policy is a Giffen good, one simply check the sign of d[[alpha].
First, if the consumer is subject to a single constraint, as he is in Hicksian utility theory, it is indeed true that an upward-sloping demand curve characterizes a Giffen good.
Hoy, Michael and Arthur Robson, "Insurance as a Giffen Good.
Experimental Confirmation of the Existence of a Giffen Good.