1. :: It's worth reviewing Inferior goods and, perhaps, Giffen goods . 2. Giffen goods are difficult to study because the definition requires a number of observable conditions.3. The interaction effects are a different kind of anomaly from that posed by Giffen goods . 4. Giffen goods are an exception to this general rule.5. Any good where the income effect more than compensates for the substitution effect is a Giffen good . 6. In 1991, Battalio, Kagel, and Kogut proved that quinine water is a Giffen good for some lab rats. 7. For this reason, many text books use the term " Giffen paradox " rather than " Giffen good ." 8. Anthony Bopp ( 1983 ) proposed that kerosene, a low-quality fuel used in home heating, was a Giffen good . 9. However, they were only able to show the existence of a Giffen good at an individual level and not the market level. 10. To be a true Giffen good , the good's price must be the only thing that changes to produce a change in quantity demanded.
Mobile