Conspicuous consumption dynamics

We formalize Veblen's idea of conspicuous consumption as two alternative forms of interdependent preferences, dubbed envy and pride. Agents adjust consumption patterns gradually, in the direction of increasing utility. From an arbitrary initial state, the distribution of consumption among agent...

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Veröffentlicht in:	Games and economic behavior 2008-09, Vol.64 (1), p.121-145
Hauptverfasser:	Friedman, Daniel, Ostrov, Daniel N.
Format:	Artikel
Sprache:	eng
Schlagworte:	Consumer behaviour Consumption Consumption patterns Consumption theory Economic psychology Economic shock Equilibrium Gradient dynamics Microeconomics Preferences Shock waves Studies Utility functions Veblen effects Veblen effects Gradient dynamics Shock waves
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