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Veblen good

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Veblen goods are types of luxury goods for which the quantity demanded increases as the price increases, an apparent contradiction of the law of demand. [1]

31 relations: Bandwagon effect, Cambridge University Press, Choice-supportive bias, Common law of business balance, Conspicuous consumption, Conspicuous leisure, Economic surplus, Facebook, Giffen good, Handbag, Hot hand, Income–consumption curve, Jewellery, Law of demand, Luxury goods, Luxury vehicle, Macmillan Publishers, Microeconomics, Network effect, Positional good, Psychology, Quarterly Journal of Economics, Snob effect, Social status, Status symbol, Substitution effect, Telephone, The Theory of the Leisure Class, Thorstein Veblen, Wine, Yale Law Journal.

Bandwagon effect

The bandwagon effect is a phenomenon whereby the rate of uptake of beliefs, ideas, fads and trends increases the more that they have already been adopted by others.

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Cambridge University Press

Cambridge University Press (CUP) is the publishing business of the University of Cambridge.

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Choice-supportive bias

In cognitive science, choice-supportive bias or post-purchase rationalization is the tendency to retroactively ascribe positive attributes to an option one has selected.

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Common law of business balance

The common law of business balance is the principle that one cannot pay a little and get a lot.

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Conspicuous consumption

Conspicuous consumption is the spending of money on and the acquiring of luxury goods and services to publicly display economic power—of the income or of the accumulated wealth of the buyer.

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Conspicuous leisure

Conspicuous leisure is a concept introduced by the American economist and sociologist Thorstein Veblen, in The Theory of the Leisure Class (1899).

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Economic surplus

In mainstream economics, economic surplus, also known as total welfare or Marshallian surplus (after Alfred Marshall), refers to two related quantities.

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Facebook

Facebook is an American online social media and social networking service company based in Menlo Park, California.

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Giffen good

In economics and consumer theory, a Giffen good is a product that people consume more of as the price rises and vice versa—violating the basic law of demand in microeconomics.

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Handbag

A handbag, also called purse in North American English, is a handled medium-to-large bag used to carry personal items.

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Hot hand

The "hot hand" (also known as the "hot hand phenomenon" or "hot hand fallacy") is the purported phenomenon that a person who experiences a successful outcome with a random event has a greater probability of success in further attempts.

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Income–consumption curve

In economics and particularly in consumer choice theory, the income-consumption curve is a curve in a graph in which the quantities of two goods are plotted on the two axes; the curve is the locus of points showing the consumption bundles chosen at each of various levels of income.

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Jewellery

Jewellery (British English) or jewelry (American English)see American and British spelling differences consists of small decorative items worn for personal adornment, such as brooches, rings, necklaces, earrings, pendants, bracelets, and cufflinks.

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Law of demand

In microeconomics, the law of demand states that, "conditional on all else being equal, as the price of a good increases (↑), quantity demanded decreases (↓); conversely, as the price of a good decreases (↓), quantity demanded increases (↑)".

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Luxury goods

In economics, a luxury good (or upmarket good) is a good for which demand increases more than proportionally as income rises, and is a contrast to a "necessity good", where demand increases proportionally less than income.

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Luxury vehicle

Luxury vehicle is a marketing term for a vehicle that provides luxury—pleasant or desirable features beyond strict necessity—at increased expense.

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Macmillan Publishers

Macmillan Publishers Ltd (occasionally known as the Macmillan Group) is an international publishing company owned by Holtzbrinck Publishing Group.

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Microeconomics

Microeconomics (from Greek prefix mikro- meaning "small") is a branch of economics that studies the behavior of individuals and firms in making decisions regarding the allocation of scarce resources and the interactions among these individuals and firms.

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Network effect

A network effect (also called network externality or demand-side economies of scale) is the positive effect described in economics and business that an additional user of a good or service has on the value of that product to others.

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Positional good

Positional goods are goods valued only by how they are distributed among the population, not by how many goods there are in total.

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Psychology

Psychology is the science of behavior and mind, including conscious and unconscious phenomena, as well as feeling and thought.

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Quarterly Journal of Economics

The Quarterly Journal of Economics is a peer-reviewed academic journal published by the Oxford University Press.

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Snob effect

The snob effect is a phenomenon described in microeconomics as a situation where the demand for a certain good by individuals of a higher income level is inversely related to its demand by those of a lower income level.

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Social status

Social status is the relative respect, competence, and deference accorded to people, groups, and organizations in a society.

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Status symbol

A status symbol is a perceived visible, external denotation of one's social position and perceived indicator of economic or social status.

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Substitution effect

In economics and particularly in consumer choice theory, the substitution effect is one component of the effect of a change in the price of a good upon the amount of that good demanded by a consumer, the other being the income effect.

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Telephone

A telephone, or phone, is a telecommunications device that permits two or more users to conduct a conversation when they are too far apart to be heard directly.

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The Theory of the Leisure Class

The Theory of the Leisure Class: An Economic Study of Institutions (1899), by Thorstein Veblen, is a treatise on economics and a detailed, social critique of conspicuous consumption, as a function of social class and of consumerism, derived from the social stratification of people and the division of labour, which are the social institutions of the feudal period (9th – 15th centuries) that have continued to the modern era.

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Thorstein Veblen

Thorstein Bunde Veblen (born Torsten Bunde Veblen; July 30, 1857 – August 3, 1929), a Norwegian-American economist and sociologist, became famous as a witty critic of capitalism.

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Wine

Wine is an alcoholic beverage made from grapes fermented without the addition of sugars, acids, enzymes, water, or other nutrients.

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Yale Law Journal

The Yale Law Journal is a student-run law review affiliated with the Yale Law School.

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Counter-Veblen effect, Veblen Good, Veblen effect, Veblen goods.

References

[1] https://en.wikipedia.org/wiki/Veblen_good

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