Those who are having difficulty understanding this term let me put you in easy way.
Giffen goods are inferior goods ( goods who's demand decreases with wealth) who's "wealth effect" is stronger than its "price effect". Meaning that when the price changes the effect of wealth shrinking relatively, (making demand go up since it is an inferior good) over powers the effect of the price increasing (making demand go down). They do not involve any interaction between prices and preferences.
However, Veblen goods are good's who's price interacts with preferences meaning they become more preferred when their price increases. Without this interaction, Veblen goods are not possible.
Can something be a Giffen and a Veblen good? I haven't worked it out rigorously, but probably not. It seems like Veblen good cannot be not inferior (i.e. the wealthier you are, the more veblen goods you demand) a requirement for Giffen goods.
Yes (but, this would be a Giffen good where the price effect eventually overcomes the wealth effect).
Again I don't think so.
Hope this helps! @spectrumecons
Nice response @cyberwarrior. Seems like you know quite a bit about economics. Giffen goods and veblen are kind of at the opposite end of the spectrum but you get the same upward sloping demand effect. I should probably do a video and/or post on veblen goods.
Yes great idea @spectrumecons visual explanation always works. I will be looking forward for your video. ☻