| 单词 | Giffen good |
| 释义 | Giffen good A good for which quantity demanded falls when its price falls. This can in theory occur: a Giffen good must be inferior and also have poor substitutes. A fall in the price of a good increases real purchasing power: if the good is inferior the income effect of this rise in real income is negative. The substitution effect of a price fall cannot be negative, but if the good has poor substitutes the positive substitution effect is small. If the substitution effect is smaller than the negative income effect, the overall effect of a fall in price is a fall in consumption. Giffen goods are in practice unlikely to be found, since narrowly defined classes of goods may be inferior but are unlikely to have poor substitutes, while widely defined classes of goods may have poor substitutes but are unlikely to be inferior. |
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