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Co-monotonicity: Toward a utility function capturing envy

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  • Levy, Moshe

Abstract

Envy affects economic decisions, and can lead to monotonicity violation. We introduce co-monotonicity—a generalization of monotonicity, expected to hold even in the presence of envy. Experimental results and implications for the form of possible utility functions are discussed.

Suggested Citation

  • Levy, Moshe, 2012. "Co-monotonicity: Toward a utility function capturing envy," Economics Letters, Elsevier, vol. 114(1), pages 16-19.
    • Handle: RePEc:eee:ecolet:v:114:y:2012:i:1:p:16-19
    DOI: 10.1016/j.econlet.2011.09.002
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    References listed on IDEAS

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    1. Gary Charness & Matthew Rabin, 2002. "Understanding Social Preferences with Simple Tests," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 117(3), pages 817-869.
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    6. Mui, Vai-Lam, 1995. "The economics of envy," Journal of Economic Behavior & Organization, Elsevier, vol. 26(3), pages 311-336, May.
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    More about this item

    Keywords

    Envy; Competitive preferences; Keeping up with the Joneses; Monotonicity; First order Stochastic Dominance;
    All these keywords.

    JEL classification:

    • D81 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Criteria for Decision-Making under Risk and Uncertainty
    • D03 - Microeconomics - - General - - - Behavioral Microeconomics: Underlying Principles

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