Special Report on
Complementary Goods and Substitute Goods
Complementary Goods and Substitute Goods - Trends
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as people become wealthier, they will buy more and more of the luxury good. This also means, however, that should there be a decline in income its demand will drop. Income elasticity of demand is not constant with respect to income, and may change sign at different levels of income. That is to say, a luxury good may become a normal good or even an inferior good at different income levels, e.g. a wealthy person stops buying increasing numbers of luxury cars for his automobile collection to start collecting airplanes (at such an income level, the luxury car would become an inferior good). [ citation needed ] The concept of luxury ...
The present invention relates to improving computer-implemented auctions and, more particularly, to computer implementation of a hybrid auction combining elements of a clock auction and a proxy auction. BACKGROUND OF THE INVENTION There are many situations where items need to be allocated among two or more parties. Often, the items are related, so that a party's value for a package of items is different from the sum of the party's values for the separate items. Auctions(or auction-like processes) are often used to allocate items among two or more parties, but the design of an ... Read More
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COMPLEMENTARY GOODS AND SUBSTITUTE GOODS
- faliqfahmie @ciksenah mana bole. nasi impit and kuah kacang are complementary goods, bukan substitute.
Hal Varian on "Computer Mediated Transactions" (AEA 2010)
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