“On the History and The Mathematics of the Wold-Juréen (1953) Utility Function, And Its Basis for the Modeling of Giffen Behavior” revisited
Abstract
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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