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- Title
IN SEARCH OF GIFFEN BEHAVIOR.
- Authors
Gilley, Otis W.; Karels, Gordon V.
- Abstract
This paper develops a theory of Giffen behavior that results from a second rationing constraint. In contrast to standard analysis, this approach is virtually independent of the specific form of consumer preferences. The effect is first developed in a two-good world along with an example, then extended to a more general case to determine if the effect vanishes as the choice set is expanded. The results demonstrate that Giffen behavior is plausible when a second rationing constraint applies and, furthermore, adding additional goods to the choice set does not necessarily cause the effect to vanish.
- Subjects
CONSUMER preferences; RATIONING; ECONOMICS
- Publication
Economic Inquiry, 1991, Vol 29, Issue 1, p182
- ISSN
0095-2583
- Publication type
Article
- DOI
10.1111/j.1465-7295.1991.tb01264.x