Wednesday, December 17, 2014

Ersatz Utility, Shopping Utility, Novelty Value

Many people, especially present-day Americans, enjoy shopping per se, in which they often engage without any specifically intended item.  Thus, the fundamental value of a purchase during such a trip is determined by a species of Ersatz Utility that can be called Shopping Utility.  Now, a significant, if not exclusive, factor in Shopping Utility is Novelty, i. e. the newness of not necessarily the product itself, but of it for the consumer, even to the skimpiest degree.  So, often escaping the analyses of Economists is Novelty Value of a purchase.

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