We present a theoretical review of the literature on concrete utility functions for Giffen and inferior goods within the context of the utility maximisation problem under a budget restriction and provide new functional forms. The presentation is organised around the specific properties such utility functions have. These properties include strict increasingness, quasi-concavity, and the applicability of Gossen’s second law.
|Title of host publication||New Insights into the Theory of Giffen Goods|
|Editors||W.J.M. Heijman, P.H.M. van Mouche|
|Place of Publication||Berlin|
|Number of pages||171|
|Publication status||Published - 2012|
|Name||Lecture Note in Economics and Mathematical Systems|