Not all Giffen goods, are inferior goods

Autor:	Hernan Vallejo
Jazyk:	English<br />Spanish; Castilian
Rok vydání:	2023
Předmět:	Leisure Giffen goods excess expenditure function Shephard's lemma Social Sciences Economic history and conditions HC10-1085
Zdroj:	Cuadernos de Economía, Vol 42, Iss 89 (2023)
Druh dokumentu:	article
ISSN:	0121-4772 2248-4337
DOI:	10.15446/cuad.econ.v42n89.97316
Popis:	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.
Databáze:	Directory of Open Access Journals
Externí odkaz:	https://doaj.org/article/d27fe3ee2be2446db681414039dd3e3e Zobrazit plný text záznamu View record in DOAJ