Is Kobe Beef Really Worth The Price?

There are a number of ultra-premium mass market products for sale in the world.  These products cost a lot of money but many people have a chance to buy or try them.   Designer handbags and pocketbooks, vintage French wines, and limited edition sports cars are all examples.  The economic idea of all these products is the same.  First, a relatively limited supply is available each year.  Second, a large amount of marketing is done continuously to ensure both exceptionally high product recognition and that consumers’ associate the product as a luxury item. Continue reading