Fabio Maccheroni Jr.; Massimo Marinacci Jr.; Aldo … - In: American Economic Journal: Microeconomics 6 (2014) 4, pp. 237-71
We study a two-period economy in which agents preferences take into account their relative economic position. The study builds on a decision theoretic analysis of the social emotions that underlie these relative concerns. These emotions, envy and pride, respond to social losses and gains,...