Relative consumption and human capital accumulation

Vincenzo Lombardo

Economics Bulletin, 2013, vol. 33, issue 2, 1091-1100

Abstract: This paper shows that the interaction between consumption and production externalities generates multiple equilibria in a simple model in which individuals care of their relative consumption because holding a relatively advantageous position is instrumental to obtain productive benefits.

Keywords: Relative consumption; status concerns; multiple equilibria. (search for similar items in EconPapers)
JEL-codes: D3 O1 (search for similar items in EconPapers)
Date: 2013-04-26
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