Divisible Conspicuous Good
There 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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|Date of creation:||1996|
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