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Peer reviewed Peer reviewed
Weber, Christian E. – Journal of Economic Education, 1997
Reconsiders Uriel Spiegel's analysis of the Giffen phenomenon, a utility function that yields an inferior good with an upward-sloping demand curve. Extends this to include similar utility functions that yield inferiority. Discusses the earlier work of related theorists including Liebhafsky, Vandermeulen, and Wold and Jureen. (MJP)
Descriptors: Business Cycles, Consumer Economics, Economic Climate, Economic Factors
Peer reviewed Peer reviewed
Spiegel, Uriel – Journal of Economic Education, 1997
Reexamines Spiegel's analysis of the Giffen phenomenon, a utility function that yields an inferior good with an upward-sloping demand curve and incorporates Christian Weber's criticism into the model. Disagrees with Weber on some points but agrees that as income decreases the likelihood of the Giffen product decreases. (MJP)
Descriptors: Business Cycles, Consumer Economics, Economic Climate, Economic Factors