A Theory of Association: Social Status, Prices and Markets

Kaushik Basu

No wp-1987-020, WIDER Working Paper Series from World Institute for Development Economic Research (UNU-WIDER)

Abstract: The utility from some 'commodities' depends on the allocation rule used to distribute it. If, for example, a prize for excellence in some field is given frequently to the highest bidders, its recipients would feel less happy than they would otherwise. Such goods are called association goods. It is argued that a wide range of commodities have an element of the association good in them and that for such commodities standard theory end prescriptions run into difficulty.

Keywords: Psychological aspects (Economics); Education; Pricing; Supply and demand; Value (search for similar items in EconPapers)
Date: 1987
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Citations: View citations in EconPapers (1)

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