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Class Systems and the Enforcement of Social Norms

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  • Harold L. Cole
  • George J. Mailath
  • Andrew Postlewaite

Abstract

We analyze a model in which there is socially inefficient competition among people. In this model, self-enforcing social norms can potentially control the inefficient competition. However, the inefficient behavior often cannot be suppressed in equilibrium among those with the lowest income due to the ineffectiveness of sanctions against those in the society with the least to lose. We demonstrate that in such cases, it may be possible for society to be divided into distinct classes, with inefficient behavior suppressed in the upper classes but not in the lower.

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Paper provided by Penn Economics Department in its series Penn CARESS Working Papers with number bdb2c3969ad56e98068513c7c1faebb0.

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Handle: RePEc:cla:penntw:bdb2c3969ad56e98068513c7c1faebb0

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References

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  1. Drew Fudenberg & David Levine, 1983. "Limit Games and Limit Equilibria," UCLA Economics Working Papers 289, UCLA Department of Economics.
  2. Harold L. Cole & George J. Mailath & Andrew Postlewaite, 1995. "Incorporating concern for relative wealth into economic models," Quarterly Review, Federal Reserve Bank of Minneapolis, issue Sum, pages 12-21.
  3. Friedman, James W., 1985. "Cooperative equilibria in finite horizon noncooperative supergames," Journal of Economic Theory, Elsevier, vol. 35(2), pages 390-398, August.
  4. Benoit, Jean-Pierre & Krishna, Vijay, 1985. "Finitely Repeated Games," Econometrica, Econometric Society, vol. 53(4), pages 905-22, July.
  5. Mailath, George J, 1987. "Incentive Compatibility in Signaling Games with a Continuum of Types," Econometrica, Econometric Society, vol. 55(6), pages 1349-65, November.
  6. Cole, Harold L & Mailath, George J & Postlewaite, Andrew, 1995. "Aristocratic Equilibria: Response," Journal of Political Economy, University of Chicago Press, vol. 103(2), pages 439-43, April.
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Cited by:
  1. Ed Hopkins, 2006. "Job Market Signalling of Relative Position, or Becker Married to Spence," Levine's Bibliography 321307000000000553, UCLA Department of Economics.
  2. Truyts, Tom, 2008. "Social status in economic theory: a review," Open Access publications from Katholieke Universiteit Leuven urn:hdl:123456789/196765, Katholieke Universiteit Leuven.
  3. Ed Hopkins & Tatiana Kornienko, 2006. "Which Inequality? The Inequality of Resources Versus the Inequality of Rewards," Levine's Bibliography 784828000000000621, UCLA Department of Economics.
  4. Jon Reiersen, 2004. "Status and Incentives," Nordic Journal of Political Economy, Nordic Journal of Political Economy, vol. 30, pages 121-128.
  5. Fernando Vega Redondo, 1997. "Unfolding social hierarchies in large population games," Working Papers. Serie AD 1997-23, Instituto Valenciano de Investigaciones Económicas, S.A. (Ivie).
  6. Weiss, Yoram & Fershtman, Chaim, 1998. "Social status and economic performance:: A survey," European Economic Review, Elsevier, vol. 42(3-5), pages 801-820, May.
  7. Hopkins, Ed & Kornienko, Tatiana, 2006. "Inequality and growth in the presence of competition for status," Economics Letters, Elsevier, vol. 93(2), pages 291-296, November.
  8. Perez Truglia, Ricardo Nicolas, 2007. "Conspicuous consumption in the land of Prince Charming," MPRA Paper 22009, University Library of Munich, Germany, revised 22 Mar 2010.
  9. Forest, Adam & Kirchler, Erich, 2010. "Targeting occupations with varying reputations to increase tax revenue," The Journal of Socio-Economics, Elsevier, vol. 39(3), pages 400-406, June.
  10. Konrad, Kai A., 2007. "Strategy in contests: an introduction," Discussion Papers, Research Unit: Market Processes and Governance SP II 2007-01, Social Science Research Center Berlin (WZB).
  11. Fabio Maccheroni & Massimo Marinacci & Aldo Rustichini, 2008. "Social Decision Theory: Choosing within and between Groups," Carlo Alberto Notebooks 71, Collegio Carlo Alberto.
  12. Nabil I. Al-Najjar, 1998. "A Reputational Model of Authority," Discussion Papers 1223, Northwestern University, Center for Mathematical Studies in Economics and Management Science.

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