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Erscheinungsjahr: 
2020
Quellenangabe: 
[Journal:] Economics: The Open-Access, Open-Assessment E-Journal [ISSN:] 1864-6042 [Volume:] 14 [Issue:] 2020-26 [Publisher:] Kiel Institute for the World Economy (IfW) [Place:] Kiel [Year:] 2020 [Pages:] 1-8
Verlag: 
Kiel Institute for the World Economy (IfW), Kiel
Zusammenfassung: 
In the study of Giffen behavior or "Giffenity", there remains a paradox. On the one hand, the Wold-Juréen (1953) utility function has been touted as the progenitor of a multi-decade search for those two-good, particular utility functions, which exhibit Giffenity. On the other hand, there is no evidence that the Wold-Juréen (1953) utility function has ever been fully evaluated for Giffenity, with perhaps one minor exception, Weber (The case of a Giffen good: Comment, 1997). But there, Weber showed that the Giffenity of Good 1 depends upon the relative magnitude of income vis-à-vis the price of Good 2. Weber's precondition is so vague that it lacks broad appeal. This paper offers a new and a clear cut precondition for Giffen behavior under the Wold-Juréen (1953) utility function. That is, we show that if the price of Good 1 is greater than or equal to the price of Good 2, then Good 1 is a Giffen good.
Schlagwörter: 
Slutsky decomposition
Giffen paradox
Wold-Juréen (1953) utility function
JEL: 
A22
A23
D11
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