Is wealth accumulation a luxury good?
This paper structurally estimates the Capitalist Spirit Model, in which utility derives from direct preferences for wealth. Its results support the hypothesis that wealth accumulation is a luxury good, by showing that the marginal utility from wealth declines more slowly than that from consumption.
If you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
As the access to this document is restricted, you may want to look for a different version under "Related research" (further below) or search for a different version of it.
References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Smith, William T., 1999. "Risk, the Spirit of Capitalism and Growth: The Implications of a Preference for Capital," Journal of Macroeconomics, Elsevier, vol. 21(2), pages 241-262, April.
- Gourinchas, P.O. & Parker, J.A., 1997.
"Consumption Over the Life Cycle,"
9722, Wisconsin Madison - Social Systems.
- Pierre-Olivier Gourinchas & Jonathan A. Parker, 1999. "Consumption Over the Life Cycle," NBER Working Papers 7271, National Bureau of Economic Research, Inc.
- Gourinchas, Pierre-Olivier & Parker, Jonathan A, 2000. "Consumption Over the Life-Cycle," CEPR Discussion Papers 2345, C.E.P.R. Discussion Papers.
- Karen E. Dynan & Jonathan Skinner & Stephen P. Zeldes, 2000.
"Do the rich save more?,"
Finance and Economics Discussion Series
2000-52, Board of Governors of the Federal Reserve System (U.S.).
- Johanna Francis, 2008.
"Wealth and the Capitalist Spirit,"
Fordham Economics Discussion Paper Series
dp2008-10, Fordham University, Department of Economics.
- Heng-fu Zou, 1995.
"The spirit of capitalism and savings behavior,"
Journal of Economic Behavior & Organization,
Elsevier, vol. 28(1), pages 131-143, September.
- Heng-fu Zou, 1991.
"The spirit of capitalism and long-run growth,"
Policy Research Working Paper Series
630, The World Bank.
- Gurdip S. Bakshi & Zhiwu Chen, 1996.
"The Spirit of Capitalism and Stock-Market Prices,"
CEMA Working Papers
511, China Economics and Management Academy, Central University of Finance and Economics.
- Eric R. Young, 2004.
"The Wealth Distribution and the Demand for Status,"
- Cagetti, Marco, 2003. "Wealth Accumulation over the Life Cycle and Precautionary Savings," Journal of Business & Economic Statistics, American Statistical Association, vol. 21(3), pages 339-53, July.
- Christopher D Carroll, 1990.
"Buffer-Stock Saving and the Life Cycle/Permanent Income Hypothesis,"
Economics Working Paper Archive
371, The Johns Hopkins University,Department of Economics, revised Aug 1996.
- Carroll, Christopher D, 1997. "Buffer-Stock Saving and the Life Cycle/Permanent Income Hypothesis," The Quarterly Journal of Economics, MIT Press, vol. 112(1), pages 1-55, February.
- Christopher D. Carroll, 1996. "Buffer-Stock Saving and the Life Cycle/Permanent Income Hypothesis," NBER Working Papers 5788, National Bureau of Economic Research, Inc.
- Christopher D. Carroll, 1992. "The Buffer-Stock Theory of Saving: Some Macroeconomic Evidence," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 23(2), pages 61-156.
When requesting a correction, please mention this item's handle: RePEc:eee:ecolet:v:115:y:2012:i:3:p:523-526. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Zhang, Lei)
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If references are entirely missing, you can add them using this form.
If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.
Please note that corrections may take a couple of weeks to filter through the various RePEc services.