On the History and The Mathematics of the Wold-Juréen (1953) Utility Function, And Its Basis for the Modeling of Giffen Behavior” revisited
Robert Sproule (2022a) proves that the Wold-Juréen utility function is characterised by Giffenity and under a particular condition, the Giffen good is an inferior good. We demonstrate that only a change of sign in the utility function is sufficient for the commodity being a Giffen good as well an in...
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| Tipo de recurso: | artículo |
| Fecha de publicación: | 2023 |
| País: | España |
| Institución: | Universidad Complutense de Madrid (UCM) |
| Repositorio: | Docta Complutense |
| Idioma: | inglés |
| OAI Identifier: | oai:docta.ucm.es:20.500.14352/88148 |
| Acceso en línea: | https://hdl.handle.net/20.500.14352/88148 |
| Access Level: | acceso abierto |
| Palabra clave: | B21 D01 Giffen goods Inferior goods Bienes Giffen Bienes inferiores Bens de Giffen Bens inferiores Microeconomía Teorías económicas 5307.15 Teoría Microeconómica |
| Sumario: | Robert Sproule (2022a) proves that the Wold-Juréen utility function is characterised by Giffenity and under a particular condition, the Giffen good is an inferior good. We demonstrate that only a change of sign in the utility function is sufficient for the commodity being a Giffen good as well an inferior good without any restriction imposed upon the parameters of the problem |
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