Ordinal vs Cardinal Status: Two Examples
AbstractWe demonstrate that in models where agents have concerns for status the model predictions can drastically change depending on whether status is modelled as an ordinal or cardinal magnitude. As a proof, we show that two well known theoretical findings are not robust to the substitution of ordinal status with cardinal status (Frank (1985)) and viceversa (Clark and Oswald (1998)).
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Bibliographic InfoPaper provided by Department of Economics, University of Siena in its series Department of Economics University of Siena with number 512.
Date of creation: Aug 2007
Date of revision:
Status; Social Comparison; Ordinality; Cardinality;
Other versions of this item:
- D0 - Microeconomics - - General
This paper has been announced in the following NEP Reports:
- NEP-ALL-2007-08-18 (All new papers)
- NEP-EXP-2007-08-18 (Experimental Economics)
- NEP-SOC-2007-08-18 (Social Norms & Social Capital)
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