In economics, Veblen goods are products that become more sought after as their price increases (typically because they're luxury goods or status symbols).Of course, the vast majority of products are not Veblen goods. For pretty much all undifferentiated goods, consumers are likely to want the highest quantity for the lowest price.That makes VC funding an interesting case. In theory, founders choose their investors based on some combination of strategic value, dilution/valuation, and speed to close. Yet as we see an explosion in the amount of available venture capital, it seems that the VC funds that have the highest “price” are also the ones that are most sought after.Put another way, you would expect to see new seed-stage funds gain a larger share of early-stage investments by offering lower prices (i.e., less dilution) to founders, but my anecdotal take is that the influx of money into venture has instead benefited entrenched players.