Preferences for Status: Evidence and Economic Implications
HANDBOOK OF SOCIAL ECONOMICS, Jess Benhabib, Alberto Bisin, Matthew Jackson, eds., Vol. 1A, The Netherlands: North-Holland, pp. 69–91.
38 Pages Posted: 4 Jul 2008 Last revised: 22 Sep 2013
Date Written: July 1, 2008
This chapter was prepared for Elsevier's Handbook of Social Economics (edited by Jess Benhabib, Alberto Bisin, and Matthew Jackson). It brings together some of the recent empirical and experimental evidence regarding preferences for social status. While briefly reviewing evidence from different literatures that is consistent with the existence of preferences for status, we pay special attention to experimental work that attempts to study status directly by inducing it in the lab. Finally, we discuss some economic implications.
Keywords: preferences for status, positional concerns, subjective well-being, conspicuous consumption, positional externalities, relative income, status experiments
JEL Classification: C90, D01, D1, D62, Z10, Z13
Suggested Citation: Suggested Citation