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ModelOfTheory's profile
Model Of Theory
Model Of Theory
Model Of Theory
@ModelOfTheory

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Model Of Theory

@ModelOfTheory

ZFC, THIS.

Joined July 2016

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    1. Model Of Theory‏ @ModelOfTheory Jun 3
      Replying to @admittedlyhuman

      Ability to purchase goods. This goes down if price goes up.

      1 reply 0 retweets 0 likes
    2. Model Of Theory‏ @ModelOfTheory Jun 3
      Replying to @ModelOfTheory @admittedlyhuman

      Or ability to purchase goods weighted by how valuable the goods are.

      1 reply 0 retweets 0 likes
    3. Model Of Theory‏ @ModelOfTheory Jun 3
      Replying to @ModelOfTheory @admittedlyhuman

      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.

      1 reply 0 retweets 0 likes
    4. Model Of Theory‏ @ModelOfTheory Jun 3
      Replying to @ModelOfTheory @admittedlyhuman

      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.

      1 reply 0 retweets 0 likes
    5. Fakey Fakeson‏ @admittedlyhuman Jun 3
      Replying to @ModelOfTheory

      but that's not all that's necessary for a giffen good. it has to price you out of substitutes

      1 reply 0 retweets 0 likes
    6. Fakey Fakeson‏ @admittedlyhuman Jun 3
      Replying to @admittedlyhuman @ModelOfTheory

      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

      1 reply 0 retweets 0 likes
    7. Fakey Fakeson‏ @admittedlyhuman Jun 3
      Replying to @admittedlyhuman @ModelOfTheory

      prototypical giffen good is rice. imagine rice whose caloric content was proportional to its price

      1 reply 0 retweets 0 likes
    8. Fakey Fakeson‏ @admittedlyhuman Jun 3
      Replying to @admittedlyhuman @ModelOfTheory

      you'd buy less as the price went up, and still buy as much meat even

      1 reply 0 retweets 0 likes
    9. Model Of Theory‏ @ModelOfTheory Jun 3
      Replying to @admittedlyhuman

      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.

      1 reply 0 retweets 0 likes
    10. Fakey Fakeson‏ @admittedlyhuman Jun 3
      Replying to @ModelOfTheory

      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.

      1 reply 0 retweets 0 likes
      Model Of Theory‏ @ModelOfTheory Jun 3
      Replying to @admittedlyhuman

      Giffen goods do not need to get less efficient as price increases.

      8:44 PM - 3 Jun 2018
      1 reply 0 retweets 0 likes
        1. New conversation
        2. Fakey Fakeson‏ @admittedlyhuman Jun 3
          Replying to @ModelOfTheory

          yes they do or you just buy less

          1 reply 0 retweets 0 likes
        3. Model Of Theory‏ @ModelOfTheory Jun 3
          Replying to @admittedlyhuman

          You mentioned rice as prototypical Giffen good. In what sense does increasing the price of rice make rice less efficient? It certainly does not change the nutritional attributes of the rice.

          1 reply 0 retweets 0 likes
        4. Fakey Fakeson‏ @admittedlyhuman Jun 3
          Replying to @ModelOfTheory

          right, it's the same rice for more money, hence less efficient.

          1 reply 0 retweets 0 likes
        5. Model Of Theory‏ @ModelOfTheory Jun 3
          Replying to @admittedlyhuman

          Oh, I see. I think you are conflating high value with high diminishing marginal returns. As prices of each rise, value/$ spent on Veblen goods rises, and it takes more $ to reach diminishing marginal returns on Giffen goods. These effects are not in conflict.

          1 reply 0 retweets 0 likes
        6. Fakey Fakeson‏ @admittedlyhuman Jun 3
          Replying to @ModelOfTheory

          the Giffen paradox is about the income effect. if your value/$ spent is going up, the income effect is in the wrong direction

          1 reply 0 retweets 0 likes
        7. Fakey Fakeson‏ @admittedlyhuman Jun 3
          Replying to @admittedlyhuman @ModelOfTheory

          when the price of a veblen good goes up people buy more of it because it's a better deal. people getting better deals are richer not poorer

          1 reply 0 retweets 0 likes
        8. Model Of Theory‏ @ModelOfTheory Jun 3
          Replying to @admittedlyhuman

          No, the income effect is about amount of $ available, not value/$.

          1 reply 0 retweets 0 likes
        9. Model Of Theory‏ @ModelOfTheory Jun 3
          Replying to @ModelOfTheory @admittedlyhuman

          You need some X. Price of X goes up, making you unable to afford expensive signalling good Y, motivating you to buy more X as an (inferior to Y) signal of wealth. Simultaneously, higher price of X improves it as a signal, also motivating you to buy more. X is Giffon and Veblen.

          1 reply 0 retweets 0 likes
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