Their introduction into a typical Slutsky matrix can result in negative semidefinite symmetry.
Their introduction into a typical Slutsky matrix can result in negative semidefinite symmetry. Battalio, Kagel, and Kogut wrote a paper on them with regard to quinine water for lab rats. Others who have written about them have cited the examples of rice and noodles in Asia and gasoline among the lower classes of America. They differ from the Veblen type, where conspicuous consumption plays a role in the rise in demand. Coined as a term in Marshall's "Principles of Economics," the original example was bread among the poor. FTP, name this theoretical type of product that has its demand rise as its price rises, a type of inferior good named for a Scottish guy.
Their introduction into a typical Slutsky matrix can result in negative semidefinite symmetry.
{Giffen} good (prompt on inferior good)