Show simple item record

Files in this item


Item metadata

dc.contributor.authorUlph, David Tregear
dc.identifier.citationUlph , D T 2014 ' Keeping up with the Joneses : who loses out? ' School of Economics & Finance Discussion Paper , no. 1412 , University of St Andrews , pp. 1-9 .en
dc.identifier.otherPURE: 155754987
dc.identifier.otherPURE UUID: c429fc33-c540-4a7b-aba7-ab6643347cc2
dc.identifier.otherORCID: /0000-0003-3171-1270/work/59464508
dc.description.abstractThis paper investigates how well-being varies with individual wage rates when individuals care about relative consumption and so there are Veblen effects – Keeping up with the Joneses – leading individuals to over-work. In the case where individuals compare themselves with their peers – those with the same wage-rate - it is shown that Keeping up with the Joneses leads some individuals to work who otherwise would have chosen not to. Moreover for these individuals well-being is a decreasing function of the wage rate - contrary to standard theory. So those who are worst-off in society are no longer those on the lowest wage.
dc.publisherUniversity of St Andrews
dc.relation.ispartofseriesSchool of Economics & Finance Discussion Paperen
dc.rights(c) the author 2014en
dc.subjectVeblen effectsen
dc.subjectConsumer behaviouren
dc.subjectNash equilibriumen
dc.subjectWages and well-beingen
dc.subjectHB Economic Theoryen
dc.subjectSDG 12 - Responsible Consumption and Productionen
dc.titleKeeping up with the Joneses : who loses out?en
dc.typeWorking or discussion paperen
dc.contributor.institutionUniversity of St Andrews. School of Economics and Financeen

This item appears in the following Collection(s)

Show simple item record