I develop a model of conspicuous consumption to empirically measure the importance of peer beliefs to Americans and Chinese. In the model, a consumer cares not only about the direct utility she receives from consumption, but also about the way her consumption pattern affects her peer group's...

We use the results of a survey taken in ten large Chinese cities to investigate several aspects of Chinese real estate investment. The survey provides significant (though not comprehensive) information on the personal and family characteristics and real estate holdings of the survey respondents....