{"id":"https://openalex.org/W3122373792","doi":"https://doi.org/10.1257/aer.103.2.1034","title":"Inferior Good and Giffen Behavior for Investing and Borrowing","display_name":"Inferior Good and Giffen Behavior for Investing and Borrowing","publication_year":2011,"publication_date":"2011-01-01","ids":{"openalex":"https://openalex.org/W3122373792","doi":"https://doi.org/10.1257/aer.103.2.1034","mag":"3122373792"},"language":"en","primary_location":{"id":"doi:10.1257/aer.103.2.1034","doi":"https://doi.org/10.1257/aer.103.2.1034","is_oa":false,"landing_page_url":"https://doi.org/10.1257/aer.103.2.1034","pdf_url":null,"source":{"id":"https://openalex.org/S23254222","display_name":"American Economic Review","issn_l":"0002-8282","issn":["0002-8282","1944-7981"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["abdc-a-star","anvur-class-a","anvur-scientific","cwts-core","fnege-1-star","ft50","jufo-3","norway-2","poland-200","russia-white-list-1","vabb-shw"],"host_organization":"https://openalex.org/P4310315912","host_organization_name":"American Economic Association","host_organization_lineage":["https://openalex.org/P4310315912"],"host_organization_lineage_names":["American Economic Association"],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"American Economic Review","raw_type":"journal-article"},"volume":null,"type":"article","indexed_in":["crossref"],"open_access":{"is_oa":true,"oa_status":"green","oa_url":"https://doi.org/10.2139/ssrn.1952110","any_repository_has_fulltext":true},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5022172112","display_name":"Felix K\u00fcbler","orcid":"https://orcid.org/0000-0002-9404-878X","observed_orcids":["https://orcid.org/0000-0002-9404-878X"]},"institutions":[{"id":"https://openalex.org/I202697423","display_name":"University of Zurich","ror":"https://ror.org/02crff812","country_code":"CH","type":"education","lineage":["https://openalex.org/I202697423"]}],"countries":["CH"],"is_corresponding":false,"raw_author_name":"Felix Kubler","raw_affiliation_strings":["University of Zurich, Plattenstrasse 32 CH-8032 Zurich"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"University of Zurich, Plattenstrasse 32 CH-8032 Zurich","institution_ids":["https://openalex.org/I202697423"]}]},{"author_position":"middle","author":{"id":"https://openalex.org/A5074681059","display_name":"Larry Selden","orcid":null,"observed_orcids":[]},"institutions":[{"id":"https://openalex.org/I78577930","display_name":"Columbia University","ror":"https://ror.org/00hj8s172","country_code":"US","type":"education","lineage":["https://openalex.org/I78577930"]},{"id":"https://openalex.org/I79576946","display_name":"University of Pennsylvania","ror":"https://ror.org/00b30xv10","country_code":"US","type":"education","lineage":["https://openalex.org/I79576946"]}],"countries":["US"],"is_corresponding":false,"raw_author_name":"Larry Selden","raw_affiliation_strings":["Columbia University, Uris Hall, 3022 Broadway, New York, NY 10027 and University of Pennsylvania"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Columbia University, Uris Hall, 3022 Broadway, New York, NY 10027 and University of Pennsylvania","institution_ids":["https://openalex.org/I78577930","https://openalex.org/I79576946"]}]},{"author_position":"last","author":{"id":"https://openalex.org/A5110478439","display_name":"Xiao Wei","orcid":"https://orcid.org/0009-0007-5619-5416","observed_orcids":["https://orcid.org/0009-0007-5619-5416","https://orcid.org/0000-0003-3534-8835"]},"institutions":[{"id":"https://openalex.org/I79576946","display_name":"University of Pennsylvania","ror":"https://ror.org/00b30xv10","country_code":"US","type":"education","lineage":["https://openalex.org/I79576946"]}],"countries":["US"],"is_corresponding":false,"raw_author_name":"Xiao Wei","raw_affiliation_strings":["Sol Snider Entrepreneurial Research Center, Wharton School, University of Pennsylvania, 3733 Spruce Street, Philadelphia, PA 19104-6374"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Sol Snider Entrepreneurial Research Center, Wharton School, University of Pennsylvania, 3733 Spruce Street, Philadelphia, PA 19104-6374","institution_ids":["https://openalex.org/I79576946"]}]}],"institutions":[],"countries_distinct_count":2,"institutions_distinct_count":3,"corresponding_author_ids":[],"corresponding_institution_ids":[],"apc_list":null,"apc_paid":null,"fwci":1.0593,"has_fulltext":false,"cited_by_count":17,"citation_normalized_percentile":{"value":0.81563674,"is_in_top_1_percent":false,"is_in_top_10_percent":false},"cited_by_percentile_year":{"min":89,"max":97},"biblio":{"volume":"103","issue":"2","first_page":"1034","last_page":"1053"},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T10315","display_name":"Decision-Making and Behavioral Economics","score":0.45730000734329224,"subfield":{"id":"https://openalex.org/subfields/1800","display_name":"General Decision Sciences"},"field":{"id":"https://openalex.org/fields/18","display_name":"Decision Sciences"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},"topics":[{"id":"https://openalex.org/T10315","display_name":"Decision-Making and Behavioral Economics","score":0.45730000734329224,"subfield":{"id":"https://openalex.org/subfields/1800","display_name":"General Decision Sciences"},"field":{"id":"https://openalex.org/fields/18","display_name":"Decision Sciences"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T12137","display_name":"Economic theories and models","score":0.30469998717308044,"subfield":{"id":"https://openalex.org/subfields/2002","display_name":"Economics and Econometrics"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T10517","display_name":"Financial Literacy, Pension, Retirement Analysis","score":0.0828000009059906,"subfield":{"id":"https://openalex.org/subfields/1402","display_name":"Accounting"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/giffen-goods","display_name":"Giffen goods","score":0.8320000171661377},{"id":"https://openalex.org/keywords/inferior-goods","display_name":"inferior goods","score":0.9490000009536743},{"id":"https://openalex.org/keywords/risk-aversion","display_name":"risk aversion","score":0.6460000276565552},{"id":"https://openalex.org/keywords/relative-risk-aversion","display_name":"relative risk aversion","score":0.7889999747276306},{"id":"https://openalex.org/keywords/decreasing-absolute-risk-aversion","display_name":"decreasing absolute risk aversion","score":0.7990000247955322},{"id":"https://openalex.org/keywords/hara-utility","display_name":"HARA utility","score":0.7820000052452087},{"id":"https://openalex.org/keywords/short-selling","display_name":"short selling","score":0.4410000145435333},{"id":"https://openalex.org/keywords/risk-free-asset","display_name":"risk-free asset","score":0.6970000267028809}],"concepts":[{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.8423333168029785},{"id":"https://openalex.org/C76178495","wikidata":"https://www.wikidata.org/wiki/Q4808784","display_name":"Asset (computer security)","level":2,"score":0.7254226207733154},{"id":"https://openalex.org/C129915516","wikidata":"https://www.wikidata.org/wiki/Q17083550","display_name":"Risk aversion (psychology)","level":3,"score":0.6065414547920227},{"id":"https://openalex.org/C175444787","wikidata":"https://www.wikidata.org/wiki/Q39072","display_name":"Microeconomics","level":1,"score":0.42972707748413086},{"id":"https://openalex.org/C2780339515","wikidata":"https://www.wikidata.org/wiki/Q3074698","display_name":"Arrow","level":2,"score":0.4101131558418274},{"id":"https://openalex.org/C556758197","wikidata":"https://www.wikidata.org/wiki/Q580018","display_name":"Monetary economics","level":1,"score":0.357625812292099},{"id":"https://openalex.org/C106159729","wikidata":"https://www.wikidata.org/wiki/Q2294553","display_name":"Financial economics","level":1,"score":0.328693151473999},{"id":"https://openalex.org/C149782125","wikidata":"https://www.wikidata.org/wiki/Q160039","display_name":"Econometrics","level":1,"score":0.3279991149902344},{"id":"https://openalex.org/C205706631","wikidata":"https://www.wikidata.org/wiki/Q2319304","display_name":"Expected utility hypothesis","level":2,"score":0.27117854356765747},{"id":"https://openalex.org/C38652104","wikidata":"https://www.wikidata.org/wiki/Q3510521","display_name":"Computer security","level":1,"score":0.0},{"id":"https://openalex.org/C199360897","wikidata":"https://www.wikidata.org/wiki/Q9143","display_name":"Programming language","level":1,"score":0.0},{"id":"https://openalex.org/C41008148","wikidata":"https://www.wikidata.org/wiki/Q21198","display_name":"Computer science","level":0,"score":0.0}],"mesh":[],"locations_count":5,"locations":[{"id":"doi:10.1257/aer.103.2.1034","doi":"https://doi.org/10.1257/aer.103.2.1034","is_oa":false,"landing_page_url":"https://doi.org/10.1257/aer.103.2.1034","pdf_url":null,"source":{"id":"https://openalex.org/S23254222","display_name":"American Economic Review","issn_l":"0002-8282","issn":["0002-8282","1944-7981"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["abdc-a-star","anvur-class-a","anvur-scientific","cwts-core","fnege-1-star","ft50","jufo-3","norway-2","poland-200","russia-white-list-1","vabb-shw"],"host_organization":"https://openalex.org/P4310315912","host_organization_name":"American Economic Association","host_organization_lineage":["https://openalex.org/P4310315912"],"host_organization_lineage_names":["American Economic Association"],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"American Economic Review","raw_type":"journal-article"},{"id":"doi:10.2139/ssrn.1952110","doi":"https://doi.org/10.2139/ssrn.1952110","is_oa":true,"landing_page_url":"https://doi.org/10.2139/ssrn.1952110","pdf_url":null,"source":{"id":"https://openalex.org/S4210172589","display_name":"SSRN Electronic Journal","issn_l":"1556-5068","issn":["1556-5068"],"is_oa":true,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I1318003438","host_organization_name":"RELX Group (Netherlands)","host_organization_lineage":["https://openalex.org/I1318003438"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"SSRN Electronic Journal","raw_type":"journal-article"},{"id":"pmh:oai:RePEc:aea:aecrev:v:103:y:2013:i:2:p:1034-53","doi":null,"is_oa":false,"landing_page_url":"http://www.aeaweb.org/articles.php?doi=10.1257/aer.103.2.1034","pdf_url":null,"source":{"id":"https://openalex.org/S4306401271","display_name":"RePEc: Research Papers in Economics","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I77793887","host_organization_name":"Federal Reserve Bank of St. Louis","host_organization_lineage":["https://openalex.org/I77793887"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":null,"raw_type":"article"},{"id":"pmh:oai:www.zora.uzh.ch:20.500.14742/73160","doi":null,"is_oa":false,"landing_page_url":"https://www.zora.uzh.ch/handle/20.500.14742/73160","pdf_url":null,"source":{"id":"https://openalex.org/S4306401281","display_name":"Zurich Open Repository and Archive (University of Zurich)","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I202697423","host_organization_name":"University of Zurich","host_organization_lineage":["https://openalex.org/I202697423"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":"K\u00fcbler, F., Selden, L., & Wei, X. (2013). Inferior good and Giffen behavior for investing and borrowing. American Economic Review, 103, 1034\u20131053. https://doi.org/10.1257/aer.103.2.1034","raw_type":"Journal Article"},{"id":"pmh:oai:www.zora.uzh.ch:63575","doi":null,"is_oa":false,"landing_page_url":"https://www.zora.uzh.ch/63575","pdf_url":null,"source":{"id":"https://openalex.org/S4306401281","display_name":"Zurich Open Repository and Archive (University of Zurich)","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I202697423","host_organization_name":"University of Zurich","host_organization_lineage":["https://openalex.org/I202697423"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":"K\u00fcbler, Felix; Selden, Larry; Wei, Xiao (2013). Inferior good and Giffen behavior for investing and borrowing. American Economic Review, 103(2):1034-1053.","raw_type":"info:eu-repo/semantics/article"}],"best_oa_location":{"id":"doi:10.2139/ssrn.1952110","doi":"https://doi.org/10.2139/ssrn.1952110","is_oa":true,"landing_page_url":"https://doi.org/10.2139/ssrn.1952110","pdf_url":null,"source":{"id":"https://openalex.org/S4210172589","display_name":"SSRN Electronic Journal","issn_l":"1556-5068","issn":["1556-5068"],"is_oa":true,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I1318003438","host_organization_name":"RELX Group (Netherlands)","host_organization_lineage":["https://openalex.org/I1318003438"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"SSRN Electronic Journal","raw_type":"journal-article"},"sustainable_development_goals":[],"study_designs":[],"awards":[],"funders":[],"has_content":{"grobid_xml":false,"pdf":false},"content_urls":null,"referenced_works_count":17,"referenced_works":["https://openalex.org/W203790694","https://openalex.org/W1587085269","https://openalex.org/W1970372919","https://openalex.org/W1973580973","https://openalex.org/W1975667338","https://openalex.org/W1991088961","https://openalex.org/W2012445376","https://openalex.org/W2019800233","https://openalex.org/W2023193172","https://openalex.org/W2025611071","https://openalex.org/W2050769408","https://openalex.org/W2268816390","https://openalex.org/W2580645530","https://openalex.org/W3080331065","https://openalex.org/W3122075072","https://openalex.org/W3125023163","https://openalex.org/W4252707658"],"related_works":["https://openalex.org/W3122407074","https://openalex.org/W2991475046","https://openalex.org/W1548377945","https://openalex.org/W2994989823","https://openalex.org/W4240147664","https://openalex.org/W1509315851","https://openalex.org/W3197277048","https://openalex.org/W3049249846","https://openalex.org/W2572314307","https://openalex.org/W4412601342"],"abstract_inverted_index":{"It":[0],"is":[1,14,66,130],"standard":[2],"in":[3,17,25,86,110,116,132],"economics":[4],"to":[5,46,79],"assume":[6],"that":[7,70],"assets":[8],"are":[9,44,114],"normal":[10,82],"goods":[11],"and":[12,37,50,57,125],"demand":[13],"downward":[15],"sloping":[16],"price.":[18],"This":[19],"view":[20],"has":[21],"its":[22],"theoretical":[23],"foundation":[24],"the":[26,71,98,111,118],"classic":[27],"single":[28],"period":[29],"model":[30],"of":[31,97,105,143],"Arrow":[32],"with":[33],"one":[34,38],"risky":[35],"asset":[36,74,121],"risk":[39,55,60,72,101,119],"free":[40,73,120],"asset,":[41],"where":[42],"both":[43],"assumed":[45],"be":[47,80,88],"held":[48],"long,":[49],"preferences":[51,136],"exhibit":[52],"decreasing":[53],"absolute":[54,100],"aversion":[56,102],"increasing":[58],"relative":[59],"aversion.":[61],"However":[62],"when":[63],"short":[64],"selling":[65],"allowed,":[67],"we":[68],"show":[69],"can":[75,85],"not":[76],"only":[77],"fail":[78],"a":[81,89],"good":[83,91],"but":[84],"fact":[87],"Giffen":[90,126,137],"even":[92],"for":[93,134],"widely":[94],"popular":[95],"members":[96],"hyperbolic":[99],"(HARA)":[103],"class":[104],"utility":[106],"functions.":[107],"Distinct":[108],"regions":[109],"price-income":[112],"space":[113],"identified":[115],"which":[117,133],"exhibits":[122],"normal,":[123],"inferior":[124],"behavior.":[127],"An":[128],"example":[129],"provided":[131],"non-HARA":[135],"behavior":[138],"occurs":[139],"over":[140],"multiple":[141],"ranges":[142],"income.":[144]},"counts_by_year":[{"year":2025,"cited_by_count":1},{"year":2024,"cited_by_count":2},{"year":2023,"cited_by_count":1},{"year":2021,"cited_by_count":2},{"year":2019,"cited_by_count":1},{"year":2018,"cited_by_count":1},{"year":2017,"cited_by_count":2},{"year":2016,"cited_by_count":1},{"year":2014,"cited_by_count":3},{"year":2013,"cited_by_count":1},{"year":2012,"cited_by_count":1}],"updated_date":"2026-10-14T16:39:01.820549","created_date":"2021-02-01T00:00:00"}