Status, the Distribution of Wealth, Private and Social Attitudes to Risk
Status, the Distribution of Wealth, Private and Social Attitudes to Risk
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DOI：
10.2307/2951568
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发表时间：
1992-07
期刊：
影响因子：
6.1
通讯作者：
A. Robson
中科院分区：
文献类型：
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作者：
A. Robson
本文假设个人不仅直接关心他/她自己的财富，而且还通过这种财富引起的相对地位来关心。特别是风险承担的影响进行了调查。这样一个模型为M. Friedman和L. Savage（1948）.然而，目前的模式与任何仅以自身财富为基础的模式之间存在一些关键差异。例如，这里的均衡财富分配可能有一个中产阶级。此外，地位互动涉及外部性和均衡的财富分配可能是帕累托无效率的。版权所有1992年由计量经济学会。
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 M. Friedman and L. Savage (1948). 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. Copyright 1992 by The Econometric Society.