Divisible Conspicuous Good
AbstractThere are two goods in the economy: a numeraire and a conspicuous (or positional) good. A type maximizes his utility which is a function of the numeraire and the inference of his unobservable rank by other agents. A conspicuous good is an observed signal and Bayesian inference is given by a prior that is common to all agents. This prior is a density that is a function of the rank and that is conditional to the signal. Equilibrium prior is endogenous.
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Bibliographic InfoPaper provided by DELTA (Ecole normale supérieure) in its series DELTA Working Papers with number 96-10.
Length: 31 pages
Date of creation: 1996
Date of revision:
Find related papers by JEL classification:
- C10 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods and Methodology: General - - - General
- C11 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods and Methodology: General - - - Bayesian Analysis: General
- D10 - Microeconomics - - Household Behavior - - - General
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