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Blog Thread

Veblen Effect

Veblen Effect

Oct

1 tweet

Something you should know.

Abnormal market behavior where consumers purchase the higher-priced goods whereas similar low-priced (but not identical) substitutes are available. It is caused either by the belief that higher price means higher quality, or by the desire for conspicuous consumption (to be seen as buying an expensive, prestige item). Named after its discoverer, the US social-critic Thorstein Bunde Veblen (1857-1929).

Read more: http://www.businessdictionary.com/definition/Veblen-effect.html

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