vablen effect

Veblen Effect

The Veblen effect is said to appear mainly in goods that are rare and exclusive, used by only a few people, rather than common everyday items. This effect is also used in product marketing. For example, quality is raised two to three times, while the price is raised dozens of times. The limited editions we have often heard of are a representative method that uses the Veblen effect.

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Topics: Economics,Psychology
Category: Wiki/Economy