{"id":44,"date":"2007-11-27T01:58:24","date_gmt":"2007-11-27T07:58:24","guid":{"rendered":"http:\/\/aspiringeconomist.com\/index.php\/2007\/11\/27\/playstation-price-elasticity\/"},"modified":"2007-11-27T01:58:24","modified_gmt":"2007-11-27T07:58:24","slug":"playstation-price-elasticity","status":"publish","type":"post","link":"http:\/\/aspiringeconomist.com\/index.php\/2007\/11\/27\/playstation-price-elasticity\/","title":{"rendered":"Playstation Price Elasticity"},"content":{"rendered":"<p>Video game players apparently have a very high price elasticity of demand for the Playstation 3.\u00a0  According to <a href=\"http:\/\/www.bloomberg.com\/apps\/news?pid=20601101&amp;sid=a1mLp7v4_fS0&amp;refer=japan\" target=\"_blank\">Bloomberg.com<\/a>:<\/p>\n<blockquote><p>PlayStation 3 sales have quadrupled since the company cut the price to $499 from $599 and introduced a $399 model, Otzman said. Wii has been the top-selling console since its introduction a year ago.<\/p><\/blockquote>\n<p>Close substitutes are one of those factors that increase price elasticity.\u00a0 The Wii, is an attractive substitute.\u00a0 <a href=\"http:\/\/www.chicagotribune.com\/news\/local\/chi-070216nintendo,1,609357.story\" target=\"_blank\">Even seniors are buying them!<\/a>\u00a0 Unfortunately, I have not played either yet.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Video game players apparently have a very high price elasticity of demand for the Playstation 3.\u00a0 According to Bloomberg.com: PlayStation 3 sales have quadrupled since the company cut the price to $499 from $599 and introduced a $399 model, Otzman said. Wii has been the top-selling console since its introduction a year ago. Close substitutes [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[14],"tags":[],"class_list":["post-44","post","type-post","status-publish","format-standard","hentry","category-economics"],"aioseo_notices":[],"_links":{"self":[{"href":"http:\/\/aspiringeconomist.com\/index.php\/wp-json\/wp\/v2\/posts\/44","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/aspiringeconomist.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/aspiringeconomist.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/aspiringeconomist.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/aspiringeconomist.com\/index.php\/wp-json\/wp\/v2\/comments?post=44"}],"version-history":[{"count":0,"href":"http:\/\/aspiringeconomist.com\/index.php\/wp-json\/wp\/v2\/posts\/44\/revisions"}],"wp:attachment":[{"href":"http:\/\/aspiringeconomist.com\/index.php\/wp-json\/wp\/v2\/media?parent=44"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/aspiringeconomist.com\/index.php\/wp-json\/wp\/v2\/categories?post=44"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/aspiringeconomist.com\/index.php\/wp-json\/wp\/v2\/tags?post=44"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}