Veblen Good

A Veblen good is a type of luxury good for which demand rises as its price rises, in apparent contradiction of the ordinary law of demand, producing an upward sloping demand curve instead of a downward sloping one. The concept is named for economist Thorstein Veblen, who identified this pattern of conspicuous consumption: a higher price can make a good more, rather than less, desirable because it signals status and exclusivity to others. Goods behave this way when part of their appeal lies precisely in their expense and in how hard they are for other people to obtain. This description is adapted from Wikipedia contributors under CC BY-SA 4.0; changes were made. https://creativecommons.org/licenses/by-sa/4.0/