equivalents it then calculates how much individual welfare is affected in each economy by unexpected losses and gains of wealth …

A woman assessing the wealth of a potential husband may observe some, but not all, of his wealth. She may screen …, but also for the woman, as it reduces the wealth of the man she may marry. A sound observable financial background ("old …

This paper examines the influence of fashion on wealth accumulation in an economy with two groups of agents. Fashion is …-capita consumption habits. It is shown that fashion causes excessive wealth fluctuations in the sense that stronger and more persistent … fashion is more likely to generate limit cycles in wealth. Opposite to intuitive arguments, however, the externality in …

According to the conspicuous-consumption theory, people consume highly observable goods to signal their wealth to …