Integrating Social Status into Economic Theory: The Social Status Economics of Robert Frank

Teodor Sedlarski

Ikonomiceski i Sotsialni Alternativi, 2014, issue 4, 117-134

Abstract: This article offers an overview of the American economist Robert Frank’s approach towards integrating social status concerns into conventional economic models of consumer choice, individual time allocation between work and leisure, income allocation between consumption and saving, etc. Preserving the methodological individualism of traditional economic analysis Frank succeeds to add a promising new layer to neoclassical economic theory - implicit markets for social status – which is able to explain both competitive behavior and the apparent deviation from it in a multitude of real-life instances.

Keywords: integrating social status; social status economics; Robert Frank (search for similar items in EconPapers)
JEL-codes: B40 B52 D01 D91 H23 (search for similar items in EconPapers)
Date: 2014
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Persistent link: https://EconPapers.repec.org/RePEc:nwe:iisabg:y:2014:i:4:p:117-134

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