Conspicuous Consumption and Game Theory

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Overview

Conspicuous Consumption

Thorstein Veblen

Invidious Comparison

Invidious Comparison - When a member of a higher class practices conspicuous consumption in an attempt to separate themselves from the lower classes.

Pecuniary Emulation

Pecuniary Emulation - When a member of a lower class consumes conspicuously in an attempt to appear a member of a higher class.

Arms Race

Application of Game Theory to Conspicuous Consumption

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