Abstract

http://ssrn.com/abstract=2012482
 
 

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Giffen Goods in a Transition Economy: Subsistence Consumption in Russia


Yochanan Shachmurove


The City College of The City University of New York - Department of Economics; The University of Pennsylvania - Department of Economics

Janusz M. Szyrmer


CASE - Center for Social and Economic Research

October 1, 2011

Frontiers in Finance and Economics, Vol. 8, No. 2, pp. 27-48, 2011

Abstract:     
In the last decade, events outside the realm of Western economics have been viewed as “paradoxes.” We focus on the Giffen paradox, and argue that Giffenity is consistent with a generalized law of demand. We confirm the occurrence of Giffenity in Russia during the early 1990s. During this period, people reduced consumption of less affordable meat and fish despite a decline in their relative prices, while augmenting their consumption of more affordable potatoes and bread, a significant increase in relative prices of the latter goods notwithstanding. We conclude that incorporating Giffenity into current economic theory will make it more robust.

Number of Pages in PDF File: 22

Keywords: Giffen goods, inferior goods, subsistence, Russia, household

JEL Classification: D1, E2

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Date posted: February 29, 2012  

Suggested Citation

Shachmurove, Yochanan and Szyrmer, Janusz M., Giffen Goods in a Transition Economy: Subsistence Consumption in Russia (October 1, 2011). Frontiers in Finance and Economics, Vol. 8, No. 2, pp. 27-48, 2011. Available at SSRN: http://ssrn.com/abstract=2012482

Contact Information

Yochanan Shachmurove (Contact Author)
The City College of The City University of New York - Department of Economics ( email )
160 Convent Avenue
New York, NY 10031
United States
212-650-6202 (Phone)
The University of Pennsylvania - Department of Economics ( email )
3718 Locust Walk
Philadelphia, PA 19104
United States
215-898-1090 (Phone)
215-573-2057 (Fax)
Janusz M. Szyrmer
CASE - Center for Social and Economic Research ( email )
Sienkiewicza 12
Warsaw, 00-010
Poland
+48 22 622 66 27 (Phone)
+48 22 828 60 69 (Fax)
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