Conspicuous consumption dynamics

• 成果类型: Article
• 署名作者: Friedman, Daniel; Ostrov, Daniel N.
• 署名单位: University of California System; University of California Santa Cruz; Santa Clara University
• 刊物名称: GAMES AND ECONOMIC BEHAVIOR
• ISSN/ISSBN: 0899-8256
• DOI: 10.1016/j.geb.2007.12.008
• 发表日期: 2008
• 页码: 121-145
• 关键词: Veblen effects; Gradient dynamics; Shock waves

摘要

We formalize Veblen's idea of conspicuous consumption its two alternative forms of interdependent preferences, dubbed envy and pride. Agents adjust consumption patterns gradually, in the direction of increasing utility. From an arbitrary initial state, the distribution of consumption among agents with identical preferences converges to a unique equilibrium distribution. When pride is stronger, the equilibrium distribution has a right-skewed density. When envy is stronger, the equilibrium is concentrated at a single point, and the adjustment dynamics involve a shock wave that can be interpreted as a growing, moving, homogeneous middle class. (c) 2008 Elsevier Inc. All rights reserved.