On Concrete Giffen Utility Functions : a Theoretical Review

We present a theoretical review of the literature on concrete utility functions for giffen goods within the context of the utility maximization problem under a budget restriction. The review is organized around additional properties such a function should have. The ultimate goal is to provide a utility function for a giffen good that is continuous, strongly increasing, quasi-concave and that can be handled by equating price ratios to marginal rates of substitution. Such a utility function still is not known. We use the opportunity to contribute to the solution of this problem. In our review we also consider the related problem of concrete utility functions for inferior goods.