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Topic: Giffen good

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	Giffen good
		Giffen goods are named after Sir Robert Giffen, who was attributed as the author of this idea by Alfred Marshall in his book Principles of Economics.
		One reason for the difficulty in finding Giffen goods is Giffen originally envisioned a specific situation faced by individuals in a state of poverty.
		Some economists question the empirical validity of the distinction between Giffen and Veblen goods, arguing that whenever there is a substantial change in the price of a good its perceived nature also changes, since price is a large part of what constitutes a product.
	publicliterature.org /en/wikipedia/g/gi/giffen_good.html (879 words)

	[No title]
		A good is considered to be a Giffen Good if: the income effect is opposite in sign and is greater in magnitude in comparison to the substitution effect, and price and quantity demanded will move in the same direction. The purpose of this paper is to provide a general overview of Giffen goods.
		In the classical works, the Giffen effect is usually confined to basic foods such as potatoes and bread, which is typically experienced by poor labourer whose consumption is reduced to subsistence levels. The Law of Demand is one of the fundamental principles and theories in microeconomics.
		In north China, noodles are a Giffen good and rice is not, which is the reverse of the situation in the south.
	web.uvic.ca /padm/faculty/pineau/544_oncampus/Ng_final544.doc (4035 words)

	Reference.com/Encyclopedia/Giffen good
		A Giffen good is a product for which a rise in price of this product makes people buy even more of the product.
		Giffen goods may or may not exist in the real world, but there is an economic model that explains how such a thing could exist.
		In order to be a true Giffen good, price must be the only thing that changes to get a change in quantity demand, and conspicuous consumption does not enter the picture (such a situation would indicate a Veblen good).
	www.reference.com /browse/wiki/Giffen_good (1217 words)

	LECTURE #4
		The Engel curve is basically the demand for a good as a function of income, holding all else constant.
		Giffen good (sometimes this is referred to as the Giffen’s paradox).
		A Giffen good must be an inferior good, but an inferior good is not necessarily a Giffen good.
	socrates.berkeley.edu /~sgoldman/101a/Lectures/04.htm (1441 words)

	Asia Times
		A good whose consumption increases when its price goes up is called a Giffen good, after Robert Giffen, a 19th-century English statistician, who noted that Irish peasants bought more potatoes when the price of potatoes rose.
		Real estate is often a Giffen good, particularly in places like Hong Kong where the real-estate market is fundamentally controlled by the government through control of the supply of land.
		An inferior good is a good that one buys less of when one's income rises, because one can afford a superior good by comparison, even if the inferior good may also rise in price.
	www.atimes.com /atimes/Global_Economy/DI14Dj01.html (7031 words)

	PlanetPapers - Demand Curves
		A good that is in greater demand do to income increases is known as a normal good.
		A inferior good is a good that is in less demand even though the income increases.
		Whether the good is a normal or an inferior good has nothing to do with the positive or negative slope of a demand curve, the demand curve must have a negative slope because of budget constraints.
	www.planetpapers.com /Assets/512.php (1005 words)

	Giffen Goods
		An inferior good is a good whose quantity demanded falls as incomes rise.
		Marshall and Giffen are arguing that this may be true of bread.
		The Giffen paradox is an interesting model, but there is little firm evidence to support it.
	www.cr1.dircon.co.uk /TB/1/giffen.htm (473 words)

	Economics (Site not responding. Last check: 2007-10-08)
		Inferior Good is a good that you consume less of when your income rises.
		Giffen Good: A good that violates the law of demand, so that when price goes up, quantity demanded goes up.
		According to the law of demand when price of a good, let’s say X goes up the consumer adjust the quantity of X downward, means he consumes less of it (substitution occurs along the IC).
	www.ksu.edu /economics/janjua/intmil8f00.html (579 words)

	Tutor2u Discussion Forum - Demand and Giffen Goods
		Now a giffen good on the most basic level is a good with an upward curving demand curve.
		So a Giffen good can only be shown via the part of the demand curve that is rising for a bit, and for a range of prices and quantities.
		The Giffen good is a theoretical curiosity and no-one has ever found a practical example - I think the idea was that it is an inferior good for which the income effect is greater than the substitution effect; every text I have read says that this has never been found to exist in fact.
	www.tutor2u.net /forum/topic.asp?TOPIC_ID=18124 (762 words)

	GIFFEN, HEINER, AND THE LAW OF DEMAND
		The Giffen good, whose existence in theory is rarely denied but whose existence in reality is in serious doubt, constitutes an exception to the general Law of Demand: an increase in price is accompanied by an increase, rather than a decrease, in the quantity demanded.
		The Giffen good is the result of circumstances under which the ceteris paribus assumption, even in the less-than-strict sense, cannot hold.
		But allowing for the possibility of a Giffen good does not constitute a shortcoming of traditional methods; this theoretical possibility, rather, must be allowed for in the traditional theoretical framework and in any other theoretical framework, including Heiner's.
	www.auburn.edu /~garriro/j7rheiner.htm (1374 words)

	Comic Book Resources - CBR News: Talking "Hero Squared" & "Planetary Brigade" with Giffen & DeMatteis
		When the Keith Giffen & J.M. DeMatteis series "Hero Squared" was first announced last year, most readers thought the book would simply be their version of the Justice League, but with their own characters.
		Giffen: Well, without giving away too much, there's a major event that transpires in the first issue that they'll be dealing with for a while.
		Giffen: And I tend to skew dark, while Marc tends to believe the best in people for just a little bit longer than I think is good for him (laughs).
	www.comicbookresources.com /news/newsitem.cgi?id=6205 (4760 words)

	Good (economics and accounting) - Wikipedia, the free encyclopedia
		A good or commodity in economics is any object or service that increases utility, directly or indirectly.
		A good that cannot be used by consumers directly, such as an office building or capital equipment, can also be referred to as a good as an indirect source of utility through resale value or as a source of income.
		A good here is defined as a physical (tangible) product capable of being delivered to a purchaser and involves the transfer of ownership from seller to customer, as opposed to an (intangible) service.
	en.wikipedia.org /wiki/Good_(economics) (583 words)

	Exam #1
		Good A has a very large, and positive, cross-price elasticity with respect to several other goods.
		Good X has an elastic demand, which means that this good has a price elasticity of demand equal to 2 in absolute value (20%/10%).
		Good Y has a price elasticity that is equal to 1 (20%/20%), so there is no need to change the price of this good.
	www.louisville.edu /~bmhawo01/econpage/301/oldexams/mt1/mt1b.html (1083 words)

	TwoMorrows Publishing - Alter Ego #14 - Keith Giffen Interview
		He knew how to take the top of the head at a certain angle and have their eyes slide from the top of the head, lead the word balloon down the shoulder, bang, right into the next panel, just where you want the effect.
		GIFFEN: I think I did design Vulcan, because I see in the design a lot of little things that I was doing back then.
		GIFFEN: That was very much Gerry's idea: "Let's make the flashlight beam a character in this sequence." I distinctly remember him saying that, not as an order, but he was always going to suggest something that was so dead-on right.
	www.twomorrows.com /alterego/articles/14giffen.html (2718 words)

	Comic Book Resources - CBR News: Surfing Safari: Giffen talks "Silver Surfer"
		Giffen was also grateful to JMS for allowing him to use a character that he's loved for a long time.
		Giffen believes a strong and innate sense of nobility is one of the Surfer's driving forces.
		One of the challenges for Giffen in writing the four-issue "Silver Surfer" limited series and "Annihilation" was coming up with ways in which the immensely powerful Surfer could be made to feel awe and fear.
	www.comicbookresources.com /news/newsitem.cgi?id=6414 (1659 words)

	Mahalanobis
		If somebody would have asked me what Giffen goods were I would have marbled something like: Well, those are goods whose price elasticity of demand is positive (for certain quantities), i.e.
		Thank goodness I followed that link!Positive price elasticity is not a sufficient condition and "Red Bull" can by no means be considered as a Giffen good.
		There it could be the case that a rise in the price of rice makes so large a drain on the resources of the poor farmers that they are forced to curtail their consumption of meat foods.
	mahalanobis.twoday.net /20040205 (453 words)

	Catallarchy » She Is Not Inferior!
		I would propose that “prostitution goods” are goods where the consumer cannot be sure what specific good he is getting, and price serves as a signal for which specific good he is getting.
		Veblen’s notions that the “conspicuous consumption”; goods he was talking about were serving two purposes, one of actual function, one of class-membership signalling, and that their weird behaviours were a result of the change from one to the other purpose dominating the transaction.
		In addition, it must be a good that constitutes a relatively large portion of the consumer’s expenditures, or else the income effect from the change in price won’t be enough to swamp the substitution effect, which is necessary for the quantity to move in the same direction as price.
	catallarchy.net /blog/archives/2005/09/29/she-is-not-inferior (1470 words)

	Ordinary good - Wikipedia, the free encyclopedia
		It is defined as a good which creates increased demand when the price for the good drops or conversely decreased demand if the price for the good increases, ceteris paribus.
		It is the opposite of a Giffen good.
		Since the existence of Giffen goods outside the realm of economic theory is still contested, the pairing of Giffen goods with ordinary goods has gotten less traction in economics textbooks than the pairing normal good/inferior good used to distinguish responses to income changes.
	en.wikipedia.org /wiki/Ordinary_good (245 words)

	[No title] (Site not responding. Last check: 2007-10-08)
		Hence for a normal good (for which a drop in income means less purchases), the income effect reinforces the substitution effect and both contribute to making the demand curve slope down.
		Of course for an inferior good (for which a drop in income means more purchases) the income effect is opposite to the substitution effect.
		A Giffen good is an inferior good for which the income effect is so strong (because the good is such an important component of the budget) that the income effect offsets the substitution effect and the demand curve slopes up.
	socserv2.socsci.mcmaster.ca /~econ/faculty/veall/gif.htm (300 words)

	[No title]
		Abstract: Economists have long searched, unsuccessfully, for convincing evidence of a Giffen behavior, i.e., consumers who, under some circumstances, respond to an increase in the price of a good by demanding more of it.
		We examine several theoretical approaches to the Giffen phenomenon and show that in each case Giffen behavior is closely associated with consumers reacting to an increase in the price of a staple by consuming more of that good in order to maintain subsistence consumption.
		In particular, in the south, rice, the preferred dietary staple, is a Giffen good for poor consumers.
	www.ksg.harvard.edu /nhm/paper_pages/giffen.htm (247 words)

	Market Power: Sex as a Giffen Good?
		Nowhere in the definition of Giffen good does it explicitly state that the good must be inferior, at least not in the definition that I was taught.
		All that is required for a good to be a Giffen good is that its demand curve is essentially not independent of its supply curve.
		The idea that a Giffen good must be inferior comes from the substitution and income effects of a price change.
	marketpower.typepad.com /market_power/2005/09/sex_as_a_giffen.html (1005 words)

	[No title] (Site not responding. Last check: 2007-10-08)
		the good on the horizontal (x) axis is inferior Elasticities are measured to determine: a.
		Y is a Giffen good If the price-consumption curve for X is horizontal, then: a.
		consumer expenditures for the good change in the same direction and unit-for-unit with a price change consumer expenditures for the good change in the opposite direction to a price change, but not unit-for-unit consumer expenditures for the good do not change when the price of the good decreases d.
	people.unt.edu /~mln0004/Ch4new.doc (2105 words)

	Appendixes \| Student Resources \| Microeconomics and Behavior (Site not responding. Last check: 2007-10-08)
		A Giffen good (a good whose demand curve is upward sloping) is one for which the total effect of a price increase is to increase, not reduce, the quantity purchased.
		That is, the Giffen good is a particular kind of inferior good—one so strongly inferior that the income effect is actually larger than the substitution effect.
		Finally, inferior goods by their very nature tend to be ones for which there are close substitutes.
	www.mhhe.com /economics/frank4/student/appendixes/appendix4.mhtml (2425 words)

	Ideas: Are Children Giffen Goods: An Economic Puzzle
		So the lowered birthrate that would be an effect of SST is not related to the cost of having a child of a specific sex, because the birthrate would decrease even if the cost of having a child of a specific sex remained constant.
		Thus, the decreased birth rate is not evidence that children are a Giffen good.
		In neither case are children necessarily Giffen goods.
	daviddfriedman.blogspot.com /2006/10/are-children-giffen-goods-economic.html (2176 words)

	Scoop: Keith Rankin: Housing In NZ, A Giffen Good?
		Keith Rankin: Housing In NZ, A Giffen Good?
		Giffen goods may exist at the other end of the socio-economic spectrum.
		Maybe everything that is bought and sold for capital gain is a Giffen good, or a potential Giffen good; a good that people demand more of when its price rises.
	www.scoop.co.nz /stories/HL0204/S00060.htm (2203 words)

	Robert Giffen - Wikipedia, the free encyclopedia
		Sir Robert Giffen (1837 – April 12, 1910), was a British statistician and economist.
		Sir Robert Giffen continued in later years to take a leading part in all public controversies connected with finance and taxation, and his high authority and practical experience were universally recognized.
		The concept of a Giffen good is named after him.
	en.wikipedia.org /wiki/Robert_Giffen (453 words)

	The Case of a 'Giffen Good (Site not responding. Last check: 2007-10-08)
		Abstract: "Giffen good" is a special case of an inferior good that every Microeconomic book presents and explains graphically.
		However, we do not know of any textbook that presents a specific utility function and develops a numerical example that shows a positive slope demand curve for a Giffen good.
		In this paper we present such a utility function from which we derive the Giffenity characteristics and illustrate by some general cases as well as empirical research that Giffen goods are far more pervasive than is generally believed.
	www.indiana.edu /~econed/issues/v25_2/4.htm (99 words)

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