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Envy, guilt, and the Phillips curve
Ahrens, Steffen; Snower, Dennis J. - 2012
We incorporate inequity aversion into an otherwise standard New Keynesian dynamic equilibrium model with Calvo wage contracts and positive inflation. Workers with relatively low incomes experience envy, whereas those with relatively high incomes experience guilt. The former seek to raise their...
Persistent link: https://www.econbiz.de/10010307860
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Bread and bullets
Akerlof, George A.; Snower, Dennis J. - 2016
Standard economics omits the role of narratives (the stories that people tell themselves and others) when they make all kinds of decisions. Narratives play a role in understanding the environment; focusing attention; predicting events; motivating action; assigning social roles and identities;...
Persistent link: https://www.econbiz.de/10011414226
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Cooperation, motivation and social balance
Bosworth, Steven; Singer, Tania; Snower, Dennis J. - 2016
cooperation in the presence of "multi-directedness", whereby people's preferences depend on their psychological motives. People … economic decisions not merely by modifying incentives operating through given preferences, but also by influencing people …'s motives (thereby changing their preferences) and by changing the distribution of dispositional types in the population …
Persistent link: https://www.econbiz.de/10011414791
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Identity-driven cooperation versus competition
Snower, Dennis J.; Bosworth, Steven - 2015
This paper seeks to extend the domain of identity economics by exploring motivational foundations of in-group cooperation and out-group competition. On this basis, we explore the reflexive interaction between individual economic decisions and social identities in response to technological change...
Persistent link: https://www.econbiz.de/10011414792
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A theory of price adjustment under loss aversion
Ahrens, Steffen; Pirschel, Inske; Snower, Dennis J. - 2014
We present a new partial equilibrium theory of price adjustment, based on consumer loss aversion. In line with prospect theory, the consumers' perceived utility losses from price increases are weighted more heavily than the perceived utility gains from price decreases of equal magnitude. Price...
Persistent link: https://www.econbiz.de/10010336108
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A theory of price adjustment under loss aversion
Ahrens, Steffen; Pirschel, Inske; Snower, Dennis J. - 2014
We present a new partial equilibrium theory of price adjustment, based on consumer loss aversion. In line with prospect theory, the consumers' perceived utility losses from price increases are weighted more heavily than the perceived utility gains from price decreases of equal magnitude. Price...
Persistent link: https://www.econbiz.de/10010336110
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A Theory of Price Adjustment under Loss Aversion
Ahrens, Steffen; Pirschel, Inske; Snower, Dennis J. - 2014
We present a new partial equilibrium theory of price adjustment, based on consumer loss aversion. In line with prospect theory, the consumers' perceived utility losses from price increases are weighted more heavily than the perceived utility gains from price decreases of equal magnitude. Price...
Persistent link: https://www.econbiz.de/10010352312
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Bread and Bullets
Akerlof, George A.; Snower, Dennis J. - 2016
Standard economics omits the role of narratives (the stories that people tell themselves and others) when they make all kinds of decisions. Narratives play a role in understanding the environment; focusing attention; predicting events; motivating action; assigning social roles and identities;...
Persistent link: https://www.econbiz.de/10011479219
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Cooperation, Motivation and Social Balance
Bosworth, Steven J.; Singer, Tania; Snower, Dennis J. - 2016
cooperation in the presence of "multi-directedness," whereby people's preferences depend on their psychological motives. People … economic decisions not merely by modifying incentives operating through given preferences, but also by influencing people …'s motives (thereby changing their preferences) and by changing the distribution of dispositional types in the population …
Persistent link: https://www.econbiz.de/10011479221
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Identity-driven Cooperation versus Competition
Snower, Dennis J.; Bosworth, Steven J. - 2016
This paper seeks to extend the domain of identity economics by exploring motivational foundations of in-group cooperation and out-group competition. On this basis, we explore the reflexive interaction between individual economic decisions and social identities in response to technological change...
Persistent link: https://www.econbiz.de/10011479223