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Marriage Meets the Joneses: Relative Income, Identity, and Marital Status
Marriage Meets Joneses elative Income Identity Marital Status
2016/3/8
This paper investigates the effect of relative income on marriage. Accounting flexibly for absolute income, the ratio between a man’s income and a local reference group median is a strong predictor of...
Utility Function and Optimum Consumption in the models with Habit Formation and Catching up with the Joneses
Optimal Consumption Habit Formation Catching up with the oneses
2010/11/2
This paper analyzes popular time-nonseparable utility functions that de-scribe “habit formation” consumer preferences comparing current consumption with the time averaged past consumption of the same ...