show that nomenclatures in some regions successfully converted their political power into personal wealth by acquiring … inequality among private entrepreneurs, with former nomenclatures at the top of the social hierarchy in post-reform China …

Preferences over wealth can explain why households do not spend more when real interest rates fall, because they save … more than optimal under a standard model. However, little is known about preferences over wealth empirically. We run an … wealth, consistent with wealth entering the utility function directly. …