Editing Veblen good (section)

== Related concepts ==
[[Image:ROEDERER BOUTEILLE+COFFRET CRISTAL BRUT 2007 750ML V2 RVB.jpg|thumb|right|Expensive [[Champagne]] is an example of a consumable Veblen good.<ref>{{cite web|url=http://news-service.stanford.edu/pr/2008/pr-wine-011608.html|title=Price tag can change the way people experience wine, study shows|website=news-service.stanford.edu|date=2008-01-15}}</ref>]]
The Veblen effect is one of a family of theoretical anomalies in the general [[law of demand]] in [[microeconomics]]. Related effects include:
[[File:RolexDaytona.jpg|thumb|right|The stainless steel [[Rolex Daytona]] frequently sells for over its list price]]
* The [[snob effect]]: expressed preference for goods because they are different from those commonly preferred; in other words, 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.<ref>{{cite book| last1 = Galatin| first1 = M.| last2 = Leiter| first2 = Robert D.| title = Economics of Information| year = 1981| publisher = Martinus Nijhoff| location = Boston| isbn = 978-0-89838-067-5| pages = [https://archive.org/details/economicsofinfor0000unse_e0f1/page/25 25–29]| url = https://archive.org/details/economicsofinfor0000unse_e0f1/page/25}}</ref>
* The [[common law of business balance]]: the low price of a good is believed by many to indicate that the producer may have compromised quality, that is, "you get what you pay for".
* The [[Hot hand|hot-hand fallacy]]: stock buyers have fallen prey to the fallacy that previous price increases suggest future price increases.<ref name="Johnson2005">
{{cite journal|last=Johnson|first=Joseph|author2=Tellis, G.J. |author3=Macinnis, D.J. |title=Losers, Winners, and Biased Trades|journal=Journal of Consumer Research|year=2005|volume=2|issue=32|pages=324–329|doi=10.1086/432241|s2cid=145211986}}</ref> Other rationales for buying a high-priced stock are that previous buyers who bid up the price are proof of the issue's quality, or conversely, that an issue's low price may be evidence of viability problems.