STATUS, THE DISTRIBUTION OF WEALTH, PRIVATE AND SOCIAL-ATTITUDES TO RISK
成果类型：
Article
署名作者：
ROBSON, AJ
署名单位：
University of Michigan System; University of Michigan; Tilburg University
刊物名称：
ECONOMETRICA
ISSN/ISSBN：
0012-9682
DOI：
10.2307/2951568
发表日期：
1992
页码：
837-857
关键词：
摘要：
This paper supposes an individual cares about his/her own wealth not only directly but also via the relative standing that this wealth induces. The implications for risk-taking are investigated in particular. Such a model provides a natural explanation of the concave-convex-concave utility described by Friedman and Savage. However, there are a number of key differences between the present model and any model based on own wealth alone. For example, an equilibrium wealth distribution here may have a middle class. Further, the status interaction involves an externality and an equilibrium wealth distribution may be Pareto inefficient.
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