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| Tekijä: | Nachbar, J. H. |
| Otsikko: | The last word of Giffen goods? |
| Lehti: | Economic Theory
1998 : VOL. 11:2, p. 403-412 |
| Asiasana: | CONSUMER GOODS DEMAND FIXED CAPITAL |
| Kieli: | eng |
| Tiivistelmä: | A good is Giffen if the fixed version of the Law of demand fails. The quantity of the good demanded increases in the good's own price, holding nominal income fixed. For most economic applications fixed income demand is relevant only to the extent that it provides a good approximation to endogenous income demand. The study of Giffen goods is predicated on the assumption that fixed income demand provides a good approximation to endogenous income demand even when the fixed income Law of demand fails. This paper shows that the canonical competitive comparative statics prediction is wrong. |
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