The quest for the elusive Giffen good has taken economists to the depths of the Irish potato famine, to the poorest parts of rural China and to the cages of lab rats at Texas A&M University.

Giffen goods are non-luxury items that generate higher demand when prices rise, creating an upward-sloping demand curve contrary to standard laws of demand.

Good-quality watches are widely available for less than $100, but to qualify as a Veblen good, a watch would probably carry a four-, five-, or six-digit price tag. Veblen Goods vs. Giffen Goods ...