The value of social status

Alexander Butler, Bruce I. Carlin, Alan D. Crane, Boyang Liu and James P. Weston

Economics Letters, 2021, vol. 206, issue C

Abstract: We quantify the value of social status using secondary market prices for Delaware license plates. Delaware plates are numbered sequentially, are private property, and can be legally bequeathed or traded. In Delaware, they are a valuable source of social status. Market prices suggest a preference for lower plate numbers and there are extreme price jumps that are consistent with exclusive low-digit clubs. The aggregate value of this market indicates that people purchase status as a significant portion of their consumption bundle. Finally, social status as an asset appears to be uncorrelated with aggregate economic and market conditions.

Keywords: Status; Conspicuous consumption; Consumption (search for similar items in EconPapers)
Date: 2021
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Citations: View citations in EconPapers (1)

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Working Paper: The Value of Social Status (2020)
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Persistent link: https://EconPapers.repec.org/RePEc:eee:ecolet:v:206:y:2021:i:c:s0165176521002433

DOI: 10.1016/j.econlet.2021.109966

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