Not all Giffen goods, are inferior goods
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| Natura: | Artículo científico |
| Lingua: | en |
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Universidad Nacional de Colombia
2023
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| _version_ | 1876468942393835520 |
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| author | Hernán Vallejo |
| author_facet | Hernán Vallejo |
| contents | Not all Giffen goods, are inferior goods Hernán Vallejo Economía y Finanzas Leisure Giffen goods Shephard's lemma excess expenditure function It is well known in the economic literature that the labour supply curve can bend backwards and, therefore, that leisure can be a Giffen good. It is also known that leisure can be a normal good. This article proves that if leisure is a Giffen good, it has to be a normal good. This result also proves that, contrary to common knowledge in economics, not all Giffen goods, are inferior goods. These results could be taken into account, for example, when finding empirical evidence and designing policies on labour supply, in an era of machine learning and artificial intelligence. 2023 artículo científico 0121-4772 https://www.redalyc.org/articulo.oa?id=282177567009 https://www.redalyc.org/journal/2821/282177567009/ https://www.redalyc.org/journal/2821/282177567009/html/ https://www.redalyc.org/journal/2821/282177567009/282177567009.epub https://www.redalyc.org/journal/2821/282177567009/movil https://doi.org/10.15446/cuad.econ.v42n89.97316 en http://www.redalyc.org/revista.oa?id=2821 Cuadernos de Economía application/pdf Universidad Nacional de Colombia Cuadernos de Economía (Colombia) Num.89 Vol.XLII |
| format | Artículo científico |
| id | redalyc_282177567009 |
| institution | Redalyc |
| language | en |
| publishDate | 2023 |
| publisher | Universidad Nacional de Colombia |
| spellingShingle | Not all Giffen goods, are inferior goods Hernán Vallejo Economía y Finanzas Leisure Giffen goods Shephard's lemma excess expenditure function Not all Giffen goods, are inferior goods Hernán Vallejo Economía y Finanzas Leisure Giffen goods Shephard's lemma excess expenditure function It is well known in the economic literature that the labour supply curve can bend backwards and, therefore, that leisure can be a Giffen good. It is also known that leisure can be a normal good. This article proves that if leisure is a Giffen good, it has to be a normal good. This result also proves that, contrary to common knowledge in economics, not all Giffen goods, are inferior goods. These results could be taken into account, for example, when finding empirical evidence and designing policies on labour supply, in an era of machine learning and artificial intelligence. 2023 artículo científico 0121-4772 https://www.redalyc.org/articulo.oa?id=282177567009 https://www.redalyc.org/journal/2821/282177567009/ https://www.redalyc.org/journal/2821/282177567009/html/ https://www.redalyc.org/journal/2821/282177567009/282177567009.epub https://www.redalyc.org/journal/2821/282177567009/movil https://doi.org/10.15446/cuad.econ.v42n89.97316 en http://www.redalyc.org/revista.oa?id=2821 Cuadernos de Economía application/pdf Universidad Nacional de Colombia Cuadernos de Economía (Colombia) Num.89 Vol.XLII |
| title | Not all Giffen goods, are inferior goods |
| topic | Economía y Finanzas Leisure Giffen goods Shephard's lemma excess expenditure function |
| url | https://www.redalyc.org/articulo.oa?id=282177567009 https://www.redalyc.org/journal/2821/282177567009/ https://www.redalyc.org/journal/2821/282177567009/html/ https://www.redalyc.org/journal/2821/282177567009/282177567009.epub https://www.redalyc.org/journal/2821/282177567009/movil https://doi.org/10.15446/cuad.econ.v42n89.97316 |