247 karma · joined October 1, 2025
It happens when something is supply constrained and a costly signal. Universities are the classic example, Harvard would never lower its prices to be more appealing than Yale.
Had an interesting case study where a coworker liked to gamble - he was fairly responsible, kept to his budget and treated it like an expensive hobby he enjoyed- but at the same time, he had someone else handle his retirement investments, which is an unpredictable payoff market where you come out ahead on average. I asked a couple times why he didn't replace gambling with investing and never got a good answer. He was certainly smart enough that he could have had fun with the research and chance.
Then there was a market downturn and his investment advisor had to talk him down from selling in a panic, and I was like "oh... It's not an information problem at all. It's entirely an emotional regulation problem"
I should sell a "meditation for investors" course
And yes, when you can't mass produce clothing it goes up in price massively. Most mass produced clothing costs slightly more than the fabric, but even a very fast couturier will spend hours on a single piece. On top of that, it's one of those industries where price sensitivity inverts at the upper end.
I don't know much about the other categories you mentioned but I do know that president Xi is associated with a 'tough on corruption' stance that's widely seen as a major positive of his administration.