households who are perceived to be richer, on household savings and consumption. When controlling for own income as well as … consumption of up to 23 euros depending on the household's position in the income distribution. Our findings suggest that changing … the German Socio-Economic Panel, we estimate the effect of reference consumption, defined as the consumption level of all …

the consumption level of all households who are perceived to be richer, on household savings and consumption. When … controlling for own income, an increase in reference consumption of 100 euros leads to an increase in consumption of 10 to 25 …We demonstrate that interpersonal comparisons lead to "keeping up with the Joneses"-behavior. Using annual household …

the SMH is that households save part of their income in period 1 and transfer it to period 2. Implying that consumption in …In this paper a new consumption function is derived based on savings motive hypothesis (SMH). The major theory behind … savings motive theory. Some results in the paper can be used in making both household and national welfare decisions e …