We employ a novel approach for analyzing the effects of relative consumption and relative wealth preferences on both … to measure the strength of the relative consumption and the relative wealth motive. We go beyond the sole consideration … also affects the strength of the relative wealth motive and the elasticity of intertemporal substitution. …

Combining a standard measure of concern about low relative wealth and a standard measure of relative risk aversion … economists. We obtain two results: (1) Holding individual i’s wealth and his rank in the wealth distribution constant, the … wealth of the individuals who are wealthier than he is. (2) If relative deprivation enters the individual’s utility function …

a woman is to a man. Correlating social status with relative wealth, we show how intensified distaste at experiencing … low relative wealth reduces relative risk aversion. …