period has been the theory of upward-looking consumption externalities leading to expenditure cascades. We propose a … parsimonious model of upward-looking consumption at the micro level mediated by perception networks with empirically plausible … knowledge, our approach is the first to make the reference group to which conspicuous consumption relates explicit. Our model …

changes in disposable income around the country's financial crisis in 2008, to plot the life-cycle path of consumption and … income for different education groups and to estimate the level of consumption smoothing. We split households into three … educated engage in more consumption smoothing than those without a university degree. We also construct a measure for marginal …