| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP6877 |
| DP6877 The Secondary Market for Hedge Funds and the Closed-Hedge Fund Premium | |
| [unavailable] | |
| 发表日期 | 2008-06-20 |
| 出版年 | 2008 |
| 语种 | 英语 |
| 摘要 | Poor families around the world spend a large fraction of their income on consumption of goods that appear to be useless in alleviating poverty, while saving at very low rates and neglecting investment in health and education. Such consumption patterns seem to be related to the persistence of poverty. We offer an explanation for this observation, based on a trade-off between conspicuous consumption and human capital as signals for unobserved income, under the assumption that individuals care about their status. Despite homothetic preferences, this trade-off gives rise to a convex saving function, which can help explain the persistence of poverty. |
| 主题 | Development Economics ; International Macroeconomics ; Public Economics |
| 关键词 | Conspicuous consumption Human capital Poverty |
| URL | https://cepr.org/publications/dp6877 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/535704 |
| 推荐引用方式 GB/T 7714 | [unavailable]. DP6877 The Secondary Market for Hedge Funds and the Closed-Hedge Fund Premium. 2008. |
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