A good that is both a Giffen good and a Veblen good.
Or ability to purchase goods weighted by how valuable the goods are.
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One might think this stays constant if price and value of goods rise proportionally, but increases in value of conspicuous consumption goods typically is relative to the value of substitutes, and ability to extract value from goods in general does not increase along with price.
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Anyway, the point is, if you keep buying a good whose price has risen, you have less money left over to spend on other goods, and the fact that the good's value to you has increased does not change this.
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but that's not all that's necessary for a giffen good. it has to price you out of substitutes
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hard to see how that would happen with a veblen good, because as it goes up in price you need proportionally less for the same effect
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prototypical giffen good is rice. imagine rice whose caloric content was proportional to its price
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you'd buy less as the price went up, and still buy as much meat even
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If the price going up makes the good more valuable and thus makes you buy less of it so you achieve the same effect, it's not a Veblen good. The price of Veblen goods going up makes you buy more of them to achieve a bigger effect.
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yes veblen goods have to get more efficient as price goes up, and giffen have to get less. which is why you can't have both.
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