having lower resources and, in the other case, for the feeling of envy that is generated by those having higher resources. We … for the presence of envy and compassion might lead to different rankings. …

We take into account that envy (relative consumption concerns) is more pronounced in the present than in the future. We … exogenous parameters. Agents' preferences exhibit present-biased envy: agents are naive and care about how their consumption … levels compare to that of others in the current period. Our results suggest that present-biased envy affects both the level …