Social status in economic theory: a review
AbstractSocial distinction or status is an important motivation of human behaviour. This paper provides a selective survey of recent advances in the economic analysis of the origins and consequences of social status. First, a selection of empirical research from a variety of scientific disciplines is discussed to underpin the further theoretical analysis. I then consider the origins and determinants of tastes for status, discuss the endogenous derivation of such a preferences for relative standing and assess the different formalisations these preferences. Subsequently, the consequences of preferences for status are studied for a variety of problems and settings. The last section discusses a number of implications of status concerns for normative economics and public policy.
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Bibliographic InfoPaper provided by Katholieke Universiteit Leuven, Centrum voor Economische Studiën in its series Center for Economic Studies - Discussion papers with number ces0821.
Date of creation: Aug 2008
Date of revision:
This paper has been announced in the following NEP Reports:
- NEP-ALL-2008-10-07 (All new papers)
- NEP-CBE-2008-10-07 (Cognitive & Behavioural Economics)
- NEP-HPE-2008-10-07 (History & Philosophy of Economics)
- NEP-PKE-2008-10-07 (Post Keynesian Economics)
- NEP-SOC-2008-10-07 (Social Norms & Social Capital)
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