Feeling Rich or Looking Rich? Quantifying Self-Image and Social-Image Motives

Nicolas Bottan, Ricardo Perez-Truglia, Hitoshi Shigeoka and Katsunori Yamada

No 34094, NBER Working Papers from National Bureau of Economic Research, Inc

Abstract: Preferences for status are typically attributed to two distinct channels: self-image, in which individuals derive utility from being richer than others, and social-image, in which individuals value being seen as richer by others. While both channels are believed to be at play, little is known about their relative importance. We address this gap using a hypothetical discrete choice experiment. Our findings indicate that self-image is at most 19.3% as important as social-image. Additionally, we document substantial heterogeneity in the strength of these preferences across individuals and domains.

JEL-codes: C9 Z13 (search for similar items in EconPapers)
Date: 2025-08
New Economics Papers: this item is included in nep-dcm, nep-evo and nep-exp
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