13-9b1 The closeness of the substitution does not exist objectively, but only subjectively in the minds of consumers

As with values, the closeness of goods does not exist objectively, but subjectively in the minds of consumers (which gets aggregated inter-subjectively, as it were).

“The closeness of the substitution depends, however, on the particular circumstances of the consumer and his preferences rather than on technological similarity.”

Related:

• 13-4d2 There is no objective value
• 13-4d4 Value is subjective
• 13-7b Prices can reveal differences between goods that appear identical