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Veblen effect, search for status goods, and negative utility of conspicuous leisure

  • Malakhov, Sergey

When expected savings on purchases are greater than the wage rate, the optimal search results in the negative marginal utility of leisure. The search transforms the classical backward bending effect and the leisure becomes complementary to the search. Consumers compensate “bad” leisure by status goods of exceptional quality on markets with high price dispersion. Status consumption complements “bad” conspicuous leisure and produces the Veblen effect as well as the “gardening aboard the boat” effect.

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File URL: http://mpra.ub.uni-muenchen.de/40809/1/MPRA_paper_40809.pdf
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Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 40809.

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Date of creation: 20 Aug 2012
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Handle: RePEc:pra:mprapa:40809
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  1. Mark Aguiar & Erik Hurst & Loukas Karabarbounis, 2012. "Recent Developments in the Economics of Time Use," Annual Review of Economics, Annual Reviews, vol. 4(1), pages 373-397, 07.
  2. Sergey Malakhov, 2014. "Satisficing Decision Procedure and Optimal Consumption-Leisure Choice," International Journal of Social Science Research, Macrothink Institute, vol. 2(2), pages 138-151, September.
  3. Mark Aguiar & Erik Hurst, 2006. "Measuring Trends in Leisure: The Allocation of Time Over Five Decades," NBER Working Papers 12082, National Bureau of Economic Research, Inc.
  4. Bagwell, Laurie Simon & Bernheim, B Douglas, 1996. "Veblen Effects in a Theory of Conspicuous Consumption," American Economic Review, American Economic Association, vol. 86(3), pages 349-73, June.
  5. S. Malakhov., 2003. "Transaction Costs, Economic Growth and Labor Supply," VOPROSY ECONOMIKI, N.P. Redaktsiya zhurnala "Voprosy Economiki", vol. 9.
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