Upward Sloping Demand Curve
From Richard Gosselin
Sources: Robert Jensen and Nolan Miller, “Giffen Behavior: Theory and Evidence,” KSG Faculty Research Working
Papers Series RWP02-014, 2002 available at ksghome.harvard.edu/~nmiller/giffen.html or http://ssrn.com/ abstract=310863. At the authors’ request we include the following note on the preliminary version: “Because we have received numerous requests for this paper, we are making this early draft available. The results presented in this version, while strongly suggestive of Giffen behavior, are preliminary. In the near future, we expect to acquire additional data that will allow us to revise our estimation technique. In particular, monthly temperature, precipitation, and other weather data will enable us to use an instrumental variables approach to address the possibility that the observed variation in prices is not exogenous. Once available, the instrumental variables results will be incorporated into future versions of the paper.” ; David McKenzie, “Are Tortillas a Giffen Good in Mexico?” Economics Bulletin 15:1 (2002): 1–7.