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Wednesday, August 5, 2020 | History

3 edition of Giffen behavior found in the catalog.

Giffen behavior

Robert Todd Jensen

Giffen behavior

theory and evidence

by Robert Todd Jensen

  • 133 Want to read
  • 27 Currently reading

Published by National Bureau of Economic Research in Cambridge, MA .
Written in English

    Subjects:
  • Consumption (Economics) -- Mathematical models -- China,
  • Consumer behavior -- China,
  • Food supply -- China,
  • Food consumption -- China,
  • Poor -- Nutrition -- China,
  • Microeconomics

  • About the Edition

    This paper provides the first rigorous, empirical evidence of the existence of Giffen behavior, i.e., a situation in which consumers respond to an increase in the price of a good by demanding more of it. We begin by examining several theoretical approaches to the Giffen phenomenon and show that in each case Giffen behavior is closely associated with poor consumers" need to maintain subsistence consumption in the face of an increase in the price of a staple commodity. We then present evidence on the existence of Giffen behavior among extremely poor households in two provinces of China. In order to obtain an unbiased estimate of the key price elasticity, we conducted a field experiment in which we randomly subsidized households" primary dietary staple (rice in Hunan province and wheat flour in Gansu province). Using consumption data gathered before, during and after the intervention, we find strong evidence of Giffen behavior with respect to rice in Hunan province. We also find evidence for Giffen behavior in Gansu with respect to wheat; however, the evidence is less robust than for Hunan, due to the (unanticipated) failure of at least two of the theoretical conditions that appear necessary for Giffen behavior. Restricting the Gansu sample to households that meet these conditions provides stronger evidence of Giffen behavior.

    Edition Notes

    StatementRobert T. Jensen, Nolan H. Miller.
    SeriesNBER working paper series -- working paper 13243., Working paper series (National Bureau of Economic Research) -- working paper no. 13243.
    ContributionsMiller, Nolan., National Bureau of Economic Research.
    The Physical Object
    Pagination46 p. :
    Number of Pages46
    ID Numbers
    Open LibraryOL17634566M
    OCLC/WorldCa156946488

      Haagsma R. () Notes on Some Theories of Giffen Behaviour. In: Heijman W., von Mouche P. (eds) New Insights into the Theory of Giffen Goods. Lecture Notes in Economics and Mathematical Systems, vol Cited by: 3. About the Author Keith Giffen has provided  plotting, scripting, artwork, or any combination thereof for titles such as ALL-STAR COMICS, LEGION OF SUPER-HEROES, RAGMAN, CREEPER, LOBO, SUICIDE SQUAD, The Defenders, Hero Squared!, and, um AMBUSH BUG/5(22).

      First up, we have Emily Giffin — pretty, successful, happily married Emily Giffin. Ms. Giffin, allegedly the nicest person ever per her fans, chortled over the fact that her husband called a reader “psycho” on Amazon and then encouraged, via Facebook and Twitter, her fans to go forth and engage in the same behavior. Well, bullshit.   The Giffen good was named by Alfred Mashall in his Principles of Economics, with the first edition published in Marshall explains the conventional wisdom that when the price of a good rises, quantity demanded falls, and vice versa. But he adds (Book III, Chapter VI): "There are however some exceptions.

    A recent study by Robert Jensen and Nolan Miller, though, suggests the possible discovery of a pair of Giffen goods. They began their search by thinking about the type of good that would be likely to exhibit Giffen behavior and argued that, like potatoes for the poor Irish, it . Giffen goods are named after Scottish economist Sir Robert Giffen, who was attributed as the author of this idea by Alfred Marshall in his book Principles of Economics. Giffen first proposed the paradox from his observations of the purchasing habits of the Victorian era poor.


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Giffen behavior by Robert Todd Jensen Download PDF EPUB FB2

This paper provides the first real-world evidence of Giffen behavior, i.e., upward sloping demand. Subsidizing the prices of dietary staples for extremely poor households in two provinces of China, we find strong evidence of Giffen behavior for rice in Hunan, and weaker evidence for wheat in Gansu.

Abstract: This paper provides the first real-world evidence of Giffen behavior, i.e., upward sloping demand. Subsidizing the prices of dietary staples for extremely poor households in two provinces of China, we find strong evidence of Giffen behavior for rice in.

Giffen behavior is a phenomenon that arises entirely within the neoclassical framework where consumers care about Giffen behavior book only inasmuch as prices affect their budget sets, which rules out prestige goods. 2 Another argument notes that with upward sloping demand in stable equilibrium File Size: KB.

Since Marshall’s time, a discussion of “Giffen” behavior has found its way into virtually every basic economics course, despite a lack of real-world evidence supporting Marshall’s conjec- ture. 1 Studies by George J. Stigler () and Roger Koenker () argue that demand forCited by: NBER Program(s):Economics of Aging.

This paper provides the first real-world evidence of Giffen behavior, i.e., upward sloping demand. Subsidizing the prices of dietary staples Giffen behavior book extremely poor households in two provinces of China, we find strong evidence of Giffen behavior for rice in Hunan, and weaker evidence for wheat in Gansu.

from book New Insights into the Theory of Giffen Goods Notes on Some Theories of Giffen Behaviour we show that Giffen behavior is compatible with any level of utility and an arbitrarily. In this case, we have Giffen effect. Point 3 of Proposition 2 suggests that Giffen behavior cannot arise if the income is high.

When the income is very low, Proposition 2 indicates that the solution is at the corner and so the good 1 is normal. To sum up, Giffen behavior only arises when the Author: Cuong Le Van, Ngoc-Sang Pham. Good Behavior comprises three interlinked novellas (The Pain of Others, Sunset Key, and Grab), which together form a novel-length portrait of Blake Crouch’s all-time favorite character creation, Letty Dobesh.

Enter your mobile number or email address below and we'll send you /5(). Billionaire David Geffen, 69, splits from toyboy lover 41 years his junior after six years together. By Daniel Bates. Updated: EDT, 21 February He has enjoyed a trip to the White House.

We begin by examining several theoretical approaches to the Giffen phenomenon and show that in each case Giffen behavior is closely associated with poor consumers' need to maintain subsistence consumption in the face of an increase in the price of a staple commodity. Giffen behavior has long played an important, though controversial, role in economic pedagogy, as well as in the history of economic thought.

4 Finding convincing evidence of such behavior is important, however, for economic theory more broadly. The fact that there has, to date, been no convincing evidence of Giffen behavior stands as a minor embarrassment to economists (John H. Cited by: M3 - Book. BT - Giffen behavior theory and evidence.

PB - National Bureau of Economic Research. CY - Cambridge, Ma. ER - Access to Document. Link to publication in WorldCat. Powered by Pure, Scopus & Elsevier Fingerprint Engine Cited by: Common textbook examples of Giffen behavior (meat and potatoes, beer and whiskey, or Alfred Marshall's transportation problem) employing typical indifference curve illustrations, take place in a two-commodity world with exogenous prices and a negative income effect strong enough to overcome the substitution effect.

Emily Giffin has 19 books on Goodreads with ratings. Emily Giffin’s most popular book is Something Borrowed (Darcy & Rachel, #1). Giffen Good: A Giffen good is a good for which demand increases as the price increases, and falls when the price decreases.

A Giffen good has an upward-sloping demand curve, which is contrary to Author: Andrew Bloomenthal. Downloadable. The law of demand might have no exception and the Giffen behavior should be one of the standard forms of the law. According to the new attribute theory and semi-empirical simulation method, Giffen behavior is verified in a general equilibrium framework using the data of food consumption in rural China.

The superior food and the wealthy households with high preference for Author: Drew Zhu. We demonstrate that a well-behaved utility function can generate Giffen behavior, where “well-behaved” means that its indifference curves are smooth, convex, and closed in a commodity space; the Author: Peter Moffatt.

Something Blue is the follow-up to Something Borrowed. This story is from Darcy's point of view. I loved this book and it is a very quick read. I have to admit I hated Darcy in Something Borrowed and even did at the beginning of Something Blue. I felt that she was finally getting what she deserved when everything started to go down hill for her/5.

Giffen goods are the inferior goods that are tied in the mind of individuals to hard inferior goods are known as Giffen goods named after Sir Robert Giffen. Marshall introduced the Giffen's paradox as an exception to the law of demand in the third edition of his book Principles of Economics (I) as, ' There are however some.

A recent article by Gilley and Karels |~ develops a theory of Giffen behavior. Gilley and Karels consider a consumer in an economy with two goods, meat and potatoes. In addition to meeting a binding budget constraint, the consumer must survive: his caloric intake. This paper modifies the modern explanation of Giffen behavior by incorporating the classical emphasis on subsistence.

Specifically, the calculated redirection of consumption priorities by those reduced to subsistence income levels is embodied in the utility function, and the biological necessity of consuming sufficient nutrition to support health is modeled as a subsistence by: We argue that inferior goods and Giffen behavior can occur for the bubble free asset in microeconomic fields.

The results can help investors to recognize bubble assets Cited by: 5. Moreover, we show that Giffen behavior is compatible with any level of utility and an arbitrarily low share of income spent on the inferior good. This contrasts sharply with the common view that the Giffen paradox tends to occur when households’ wealth levels are by: