STATUS, INTERTEMPORAL CHOICE, AND RISK-TAKING

This paper studies endogenous risk-taking by embedding a concern for status (relative consumption) into an otherwise conventional model of economic growth. We prove that if the intertemporal production function is strictly concave, an equilibrium must converge to a unique steady state in which there...

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Veröffentlicht in:	Econometrica 2012-07, Vol.80 (4), p.1505-1531
Hauptverfasser:	Ray, Debraj, Robson, Arthur
Format:	Artikel
Sprache:	eng
Schlagworte:	Applications attitudes to risk Biology, psychology, social sciences Case studies Concavity Conspicuous consumption Consumption Convexity Determinism Econometrics Economic growth Exact sciences and technology Financial budgets growth Income inequality Insurance, economics, finance Mathematics Pareto efficiency Probability and statistics Production functions Random allocation Risk Risk assessment Sciences and techniques of general use Statistics Status Studies Utility functions Wealth
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