Two different hypothetical types of goods with upward-sloping demand curves are Giffen goods ( an inferior but staple good ) and Veblen goods ( goods made more fashionable by a higher price ).

Only goods which do not conform to the law of demand, such as Veblen and Giffen goods, have a positive PED.

The only classes of goods which have a PED of greater than 0 are Veblen and Giffen goods.

Evidence for the existence of Giffen goods is limited, but microeconomic mathematical models explain how such a thing could exist.

Giffen goods are named after Scottish economist Sir Robert Giffen, who was attributed as the author of this idea by Alfred Marshall in his book Principles of Economics.

Giffen goods are an exception to this.

Giffen goods are also related to experience goods and credence goods in that the two often exhibit increases in demand with price, yet are different in that close substitutes are available for the latter types.

Evidence for the existence of Giffen goods has generally been limited.

A 2002 preliminary working paper by Robert Jensen and Nolan Miller of Harvard University made the claim that rice and wheat / noodles are Giffen goods in parts of China by tracking prices of goods.

A further 2007 working paper by the same authors ( now published in the September 2008 issue of American Economic Review ) experimentally demonstrated the existence of Giffen goods among humans at the household level by directly subsidizing purchases of rice and wheat flour for extremely poor families.

It is easier to find Giffen effects where the number of goods available is limited, as in an experimental economy: DeGrandpre et al.

All Giffen goods are inferior goods but not all inferior goods are Giffen goods.

In economics and consumer theory, a Giffen good is one which people paradoxically consume more of as the price rises, violating the law of demand.

But this theory was debunked by Gerald P. Dwyer and Cotton M. Lindsey in their 1984 article Robert Giffen and the Irish Potato, where they showed the contradicting nature of the Giffen " legend " with respect to historical evidence.

* 10 & 12 November — South Australia v. Tasmania at Adelaide Oval is the earliest first-class match played by South Australia who win by an innings and 13 runs, their team including George Giffen.

If the income effect for an inferior good is sufficiently strong, the consumer will buy less of the good when it becomes less expensive, a Giffen good ( commonly believed to be a rarity ).

As the last condition is a condition on the buyer rather than the good itself, the phenomenon can also be labeled as " Giffen behavior ".

In 1991, Battalio, Kagel, and Kogut proved that quinine water is a Giffen good for some lab rats.

One reason for the difficulty in finding Giffen goods is Giffen originally envisioned a specific situation faced by individuals in a state of poverty.

It is for this reason that many text books use the term Giffen paradox rather than Giffen good.

Some economists question the empirical validity of the distinction between Giffen and Veblen goods, arguing that whenever there is a substantial change in the price of a good its perceived nature also changes, since price is a large part of what constitutes a product.

The concept of a Giffen good is named after him.

L. E. G. I. O. N., is a science fiction comic book created by Keith Giffen, Bill Mantlo and Todd McFarlane and published by DC Comics.

Keith Ian Giffen ( born November 30, 1952 ) is an American comic book illustrator and writer.

Giffen is known for having an unorthodox writing style, often using characters in ways not seen before.

Booster Gold is a key character in the late 1980s / early 1990s Justice League revamp by writers Keith Giffen and J. M. DeMatteis.

The demand curve usually slopes downwards from left to right ; that is, it has a negative association ( for two theoretical exceptions, see Veblen good and Giffen good ).

G ' nort ( pronunciation: " nort ") Esplanade G ' neesmacher is a fictional character, a DC Comics superhero created by Keith Giffen and J. M. DeMatteis during their Justice League period.

Vext is a fictional character created by Keith Giffen and the star of a short-lived 1999 comic book series published by DC Comics.

George Giffen, as captain, is centre in the middle row.

Giffen also played Australian rules football at a high level, representing the Norwood Football Club for whom he is credited as kicking their first ever goal in the South Australian Football Association.

Giffen extracted one concession from William: the house servants could be free at any time Gorham thought expedient.

He and Keith Giffen produced " The Great Darkness Saga ", one of the best known Legion stories, in Legion of Super-Heroes vol.

Since then there has been one further vignette, a short non-continuity joke in typical Giffen Ambush Bug style in Ambush Bug Year None # 3 ( November 2008 ).

In the second Test Rhodes took one wicket, his 100th in Test matches, and completed the double of 1, 000 runs and 100 wickets in Tests ; the first England player to do so, he was only the third player to reach the double after Australians George Giffen and Monty Noble.

In 1899, he scored 1, 183 runs making him one of only four Australians, with George Giffen, Warwick Armstrong ( both three times ) and Jack Gregory, to take over 100 wickets and make over 1, 000 runs on a tour of England.

Blackham's veteran team-mate George Giffen, however, slept right through the storm and was blissfully unaware of it when he got up the following morning, a bright and sunny one.

George Giffen called him " one of the most genuine cricketers I met ".

Giffen believed that this was one of the finest catches that he had ever seen, and, although on the team which it had adversely affected, he definitely appreciated it.

On one occasion, Keith Giffen portrayed Htrae itself as being sentient — " Me am the Bizarro World.

Giffen has been called " one of the worst Test batsmen of all time " and it was alleged that he played Test cricket only because his brother refused to play unless Walter was also selected.