The Case of a Giffen Good: Reply

1997 ◽  
Vol 28 (1) ◽  
pp. 45 ◽  
Author(s):  
Uriel Spiegel
Keyword(s):  
Good Reply ◽  
Giffen Good

The Case of a Giffen Good: Reply

1997 ◽  
Vol 28 (1) ◽  
pp. 45-47
Author(s):  
Uriel Spiegel
Keyword(s):  
Good Reply ◽  
Giffen Good

scholarly journals QUININE PELLETS AS AN INFERIOR GOOD AND A GIFFEN GOOD IN RATS

1990 ◽  
Vol 53 (2) ◽  
pp. 263-271 ◽  
Author(s):  
Thomas Hastjarjo ◽  
Alan Silberberg ◽  
Steven R. Hursh
Keyword(s):  
Inferior Good ◽  
Giffen Good

The Last-Good-Reply Policy for Monte-Carlo Go

ICGA Journal ◽  
2009 ◽  
Vol 32 (4) ◽  
pp. 221-227 ◽  
Author(s):  
Peter Drake
Keyword(s):  
Monte Carlo ◽  
Good Reply

scholarly journals The Irish Famine and Unusual Market Behaviour in Cork

2017 ◽  
Vol 44 (1) ◽  
pp. 3-18 ◽  
Author(s):  
Charles Read
Keyword(s):  
High Frequency ◽  
Stable Equilibrium ◽  
Detailed Examination ◽  
High Frequency Data ◽  
Data Set ◽  
Irish Famine ◽  
Law Of Demand ◽  
Great Irish Famine ◽  
Giffen Good ◽  
Market Behaviour

Scholars have long debated whether there was enough food in Ireland to feed the population during the Great Irish Famine; there has been less detailed examination of high-frequency data to understand how markets distributed food after the harvests failed. This article explores a hitherto unused weekly price and quantity data set from the Cork city markets to analyse how markets may have hindered the distribution of available food from 1846 to 1849. Although, historically, economists have long suspected that raw data on the market for potatoes during the Irish Famine behaved like that for a classical ‘Giffen’ good, there is little evidence for this among foodstuffs available throughout the crisis in Cork. But bacon pigs – a food that never reached a stable equilibrium but completely disappeared from the market in 1847 – exhibited some characteristics which do not appear to accord with the classical law of demand. Further analysis of this data suggests that middle-class purchasing power outbid the poorest people in Ireland at a time when there was a surplus of superior foods and a deficiency of inferior foods. These circumstances indicate that unusual market behaviour may have made the crop failure’s redistributive consequences – as well as its mortality toll – much worse.

Prevention as a Giffen good

2021 ◽  
Vol 208 ◽  
pp. 110052
Author(s):  
Richard Peter
Keyword(s):  
Giffen Good

On Three Standard Results in the Theory of Insurance Demand

2019 ◽  
Vol 14 (1) ◽  
Author(s):  
Liang Hong
Keyword(s):  
Risk Aversion ◽  
Absolute Risk ◽  
Unified Framework ◽  
Insurance Demand ◽  
Absolute Risk Aversion ◽  
Maximum Coverage ◽  
Insurance Policies ◽  
Inferior Good ◽  
Initial Wealth ◽  
Giffen Good

Abstract This article re-examines three standard results in the theory of insurance demand: (i) full coverage with a fair premium and partial coverage with an unfair premium; (ii) insurance is an inferior good under decreasing absolute risk aversion (DARA) and (iii) insurance may be a Giffen good under DARA. It has been shown recently that (i) holds for the class of insurance policies in which maximum coverage fully covers the potential loss. We show that whether (i) holds beyond this class of policies is indeterminate. In addition, we employ a unified framework to investigate the effects of changes in initial wealth and price. In particular, we show that both (ii) and (iii) hold for a certain class of insurance policies which include all commonly-used types of policies. The result also provides a unified treatment of several results in the extant literature.

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