Why income comparison is rational

DOI10.1016/J.GEB.2009.12.001MaRDI QIDQ980971zbMATH OpenOpenAlexFDO

Authors David Wolpert

Publication date 8 July 2010

Published in Games and Economic Behavior (Search for Journal in Brave)

Full work available at URL https://doi.org/10.1016/j.geb.2009.12.001

zbMATH Keywords

decision theorysearch algorithmherdingEasterlin paradoxhedonic utilityincome comparisonkeep up with the Jonesessocial comparisonU-shaped lifetime curve

Mathematics Subject Classification ID

Utility theory (91B16) Welfare economics (91B15)

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Cites work

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• A Theory of Fairness, Competition, and Cooperation
• Adaptive Heuristics
• Imitation-theory and experimental evidence
• Information-Based Relative Consumption Effects
• Optimal Redistributive Taxation When Individual Welfare Depends Upon Relative Income
• Optimization by simulated annealing
• Strategic choice of preferences: the persona model
• The Evolution of Walrasian Behavior
• Which one should I imitate?

Cited in

(2)

• A model of ambition, aspiration and happiness
• Preferences, income, and life satisfaction: an equivalence result

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