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Veblen good

19 bytes removed, 16:13, 23 June 2009
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A '''Veblen good''' is a [[good]] satisfying the following equivalent conditions in a certain price range and for certain buyers: * The [[defining ingredient::price-elasticity of demand]] for the good is positive.* An , because an increase in price leads to an increase in the desirability of possessing the good.
The typical explanation for this is the effect of [[defining ingredient::conspicuous consumption]] -- here, how expensive something is adds to the value of using it because it sends out a signal of wealth or status.
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