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Demand and equilibrium with inferior and Giffen behaviors

Abstract : We introduce a class of differentiable, strictly increasing, concave utility functions exhibiting an explicit demand of a good which may have Giffen behavior. We provide a necessary and sufficient condition (based on prices and consumers’ preferences and income) under which this good is normal, inferior or Giffen. A general equilibrium analysis is also provided.
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Submitted on : Tuesday, June 15, 2021 - 3:24:16 PM
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Cuong Le Van, Ngoc-Sang Pham. Demand and equilibrium with inferior and Giffen behaviors. Mathematical Social Sciences, Elsevier, 2020, 103, pp.45-50. ⟨10.1016/j.mathsocsci.2019.11.005⟩. ⟨hal-03261235⟩



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