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| Tekijä: | Arrow, K.J. Dasgupta, P.S. |
| Otsikko: | Conspicuous consumption, inconspicuous leisure |
| Lehti: | Economic Journal
2009 : NOV, VOL. 119:541, p. 497-516 |
| Asiasana: | household economics surveys consumption leisure work quality of life resource allocation models |
| Kieli: | eng |
| Tiivistelmä: | It is commonly argued that because relative consumption (hereafter as: rel-cons.) appears to matter to people, they must be involved in a 'rat race', that is, people work harder and consume more than they would have to if optimum public policies were in place. But although today's cons. would improve one's relative cons. now, it would worsen one's relative future cons. This article identifies the structure of felicity functions for which the two effects offset each other exactly. The finding goes toward explaining why, while household surveys suggest that rel-cons. matters, the household cons. behaviour has not shown unambiguously to the presence of relative consumption effects. |
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