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 … wealth of the individuals who are wealthier than he is. (2) If relative deprivation enters the individual’s utility function …

a woman is to a man. Correlating social status with relative wealth, we show how intensified distaste at experiencing … low relative wealth reduces relative risk aversion. …

a woman is to a man. Correlating social status with relative wealth, we show how intensified distaste at experiencing … low relative wealth reduces relative risk aversion. …

variables such as gender and wealth …

ignorance. We pair portfolio and wealth distribution choice problems which have a common budget set. For a given bundle, the … distribution over an individual's wealth is the same for both problems. The portfolio choice serves as a benchmark to evaluate … whether the wealth distribution choice exhibits equity or efficiency preferring tastes. We report experiments using a within …

experiments. Contrary to the traditional view of expected utility theory, the choices can be explained in large part by previous … outcomes or surpassed by favorable outcomes. Our results point to reference-dependent choice theories such as prospect theory …

assets are not labeled: subjects allocate more wealth to assets with low ambiguity. For treatment group portfolios, which …