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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

Abstract: 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.

Date: 2005-02
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