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Feeling Rich or Looking Rich? Quantifying Self-Image and Social-Image Motives

Author

Listed:
  • Nicolas L. Bottan
  • Ricardo Perez-Truglia
  • Hitoshi Shigeoka
  • Katsunori Yamada

Abstract

Preferences for status are typically attributed to two distinct channels: self-image, in which individuals derive utility from being richer than others, and social-image, in which individuals value being seen as richer by others. While both channels are believed to be at play, little is known about their relative importance. We address this gap using a hypothetical discrete choice experiment. Our findings indicate that self-image is at most 19.3% as important as social-image. Additionally, we document substantial heterogeneity in the strength of these preferences across individuals and domains.

Suggested Citation

  • Nicolas L. Bottan & Ricardo Perez-Truglia & Hitoshi Shigeoka & Katsunori Yamada, 2025. "Feeling Rich or Looking Rich? Quantifying Self-Image and Social-Image Motives," NBER Working Papers 34094, National Bureau of Economic Research, Inc.
    • Handle: RePEc:nbr:nberwo:34094
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    JEL classification:

    • C9 - Mathematical and Quantitative Methods - - Design of Experiments
    • Z13 - Other Special Topics - - Cultural Economics - - - Economic Sociology; Economic Anthropology; Language; Social and Economic Stratification

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