Keeping Up With The Joneses In A Non-Symmetric Equilibrium
Juan Pedro Gomez ()
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Juan Pedro Gomez: Instituto de Empresa
Working Papers Economia from Instituto de Empresa, Area of Economic Environment
We prove the existence of a representative agent in an economy populated with investors who keep up with the Joneses and have heterogeneous portfolio endowments. This result is independent of the endowment distribution and robust to a more general definition of the Joneses. The implications for the home bias puzzle are discussed.
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Persistent link: https://EconPapers.repec.org/RePEc:emp:wpaper:wp05-09
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