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children appear to compare their actual economic status with that of their parents, deriving large satisfaction gains from an …This paper investigates the relationship between income satisfaction of adult children and their relative economic … income rank that is higher than that of their parents. The effect is asymmetric with regard to parents, as these seem not to …
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It is widely believed that vertical integration in an environment without foreclosure, or more generally without any mechanism that restricts competition among firms, raises the welfare of consumers. In this paper we show that this can be overturned in a standard setting. We consider a vertical...
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