Barnett, Richard; Bhattacharya, Joydeep; Bunzel, Helle - Iowa State University of Science and Technology <Ames, … - 2009
We study a variant of the conventional keeping-up-with-the-Joneses setup in whichheterogeneous-ability agents care both about consumption and leisure and receive anutility premium if their consumption exceeds that of the Joneses’. Unlike the conventionalsetup in which all agents are assumed to...