Shachmurove, Yochanan; Szyrmer, Janusz - In: Frontiers in Finance and Economics 8 (2011) 2, pp. 27-48
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...