exploration in economic theory. However, formal economic theorizing is often constrained by considerations of mathematical …

output in a market, and allocate it to consumption and investment. The economy should experience a constant and positive rate …

agents produce output in each period and can allocate the output between consumption and investment (the experiment adds to … the design of Lei and Noussair, 2002, 2003). Capital productivity is higher if total investment is above a threshold. The …

wealth of the individuals who are wealthier than he is. (2) If relative deprivation enters the individual’s utility function …Combining a standard measure of concern about low relative wealth and a standard measure of relative risk aversion … economists. We obtain two results: (1) Holding individual i’s wealth and his rank in the wealth distribution constant, the …

. Furthermore, we discuss how such a preference can be integrated in the modelling of utility in order to account for the …