[Building Blocks] BB-211 Giffen Goods and Veblen Goods

Both Giffen Goods and Veblen Goods violate the basic Law of Demand in microeconomics. As the Price of these Products increase, so does the Willingness To Pay (WTP) of Customers. Mainstream Economics decouples Price from WTP and treats the two as independent variables. When increasing Price disproportionally increases WTP the result is an upward-sloping Demand Curve.

Uses the KNIME Extension: Market Simulation by Scientific Strategy - Community Edition

A comprehensive description of this workflow with step-by-step instructions can be found at the Scientific Strategy website:
https://scientificstrategy.com/bb-211/

External resources

• [Building Blocks] BB-211 Giffen Goods and Veblen Goods