| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP12478 |
| DP12478 A Pure Hedonic Theory of Utility and Status: Unhappy but Effcient Invidious Comparisons | |
| Pascal Courty | |
| 发表日期 | 2017-12-02 |
| 出版年 | 2017 |
| 语种 | 英语 |
| 摘要 | We examine status preferences where agents compare their own utility relative to the utilities of others, in addition to valuing own consumption. The utility functions are, therefore, implicit functions of each other. As long as status utility comparisons are not too intense, they do not affect either the competitive equilibrium or the set of efficient allocations. However, status utility comparison may substantially reduce average utility and dramatically increase utility inequality. Equating utility with happiness operationalizes the theory and provides an explanation to the puzzle of why invidious comparisons can generate so much unhappiness without much inefficiency. Our theory has very different welfare and political economy implications from other status theories, even when reduced form representations appear observationally equivalent. |
| 主题 | Public Economics |
| 关键词 | Conspicuous consumption Inequality Happiness Rat race Reference group Status Utility Welfare |
| URL | https://cepr.org/publications/dp12478 |
| 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/541289 |
| 推荐引用方式 GB/T 7714 | Pascal Courty. DP12478 A Pure Hedonic Theory of Utility and Status: Unhappy but Effcient Invidious Comparisons. 2017. |
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