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Is wealth accumulation a luxury good?

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  • Tokuoka, Kiichi

Abstract

This paper structurally estimates the Capitalist Spirit Model, in which utility derives from direct preferences for wealth. Its results support the hypothesis that wealth accumulation is a luxury good, by showing that the marginal utility from wealth declines more slowly than that from consumption.

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Bibliographic Info

Article provided by Elsevier in its journal Economics Letters.

Volume (Year): 115 (2012)
Issue (Month): 3 ()
Pages: 523-526

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Handle: RePEc:eee:ecolet:v:115:y:2012:i:3:p:523-526

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Web page: http://www.elsevier.com/locate/ecolet

Related research

Keywords: Wealth; Luxury good; Capitalist spirit; Marginal utility;

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References

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  1. Luo, Yulei & Young, Eric R., 2009. "The Wealth Distribution And The Demand For Status," Macroeconomic Dynamics, Cambridge University Press, Cambridge University Press, vol. 13(S1), pages 1-30, May.
  2. Gurdip S. Bakshi & Zhiwu Chen, 1996. "The Spirit of Capitalism and Stock-Market Prices," CEMA Working Papers, China Economics and Management Academy, Central University of Finance and Economics 511, China Economics and Management Academy, Central University of Finance and Economics.
  3. Heng-fu Zou, 1995. "'The spirit of capitalism' and long-run growth," CEMA Working Papers, China Economics and Management Academy, Central University of Finance and Economics 94, China Economics and Management Academy, Central University of Finance and Economics.
  4. Christopher D. Carroll, 1992. "The Buffer-Stock Theory of Saving: Some Macroeconomic Evidence," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 23(2), pages 61-156.
  5. Karen E. Dynan & Jonathan Skinner & Stephen P. Zeldes, 2000. "Do the Rich Save More?," NBER Working Papers 7906, National Bureau of Economic Research, Inc.
  6. Smith, William T., 1999. "Risk, the Spirit of Capitalism and Growth: The Implications of a Preference for Capital," Journal of Macroeconomics, Elsevier, Elsevier, vol. 21(2), pages 241-262, April.
  7. Cagetti, Marco, 2003. "Wealth Accumulation over the Life Cycle and Precautionary Savings," Journal of Business & Economic Statistics, American Statistical Association, American Statistical Association, vol. 21(3), pages 339-53, July.
  8. Christopher D. Carroll, 1996. "Buffer-Stock Saving and the Life Cycle/Permanent Income Hypothesis," NBER Working Papers 5788, National Bureau of Economic Research, Inc.
  9. Pierre-Olivier Gourinchas & Jonathan A. Parker, 1999. "Consumption Over the Life Cycle," NBER Working Papers 7271, National Bureau of Economic Research, Inc.
  10. Johanna Francis, 2008. "Wealth and the Capitalist Spirit," Fordham Economics Discussion Paper Series, Fordham University, Department of Economics dp2008-10, Fordham University, Department of Economics.
  11. Heng-fu Zou, 1995. "The spirit of capitalism and savings behavior," CEMA Working Papers, China Economics and Management Academy, Central University of Finance and Economics 79, China Economics and Management Academy, Central University of Finance and Economics.
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