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Is wealth accumulation a luxury good?

Kiichi Tokuoka ()

Economics Letters, 2012, vol. 115, issue 3, 523-526

Abstract: This paper structurally estimates the Capitalist Spirit Model, in which utility derives from direct preferences for wealth. Its results support the hypothesis that wealth accumulation is a luxury good, by showing that the marginal utility from wealth declines more slowly than that from consumption.

Keywords: Wealth; Luxury good; Capitalist spirit; Marginal utility (search for similar items in EconPapers)
JEL-codes: D12 D31 D91 (search for similar items in EconPapers)
Date: 2012
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DOI: 10.1016/j.econlet.2011.12.122

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