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Workshop: Preferences for Relative Consumption
October 9th, 2008
1 pm – 4:30 pm
Keynes Room, Faculty of Economics, University of Cambridge
Sponsored by the Centre for Research in Microeconomics (CREMIC )
Since at least Veblen (1899), economists and other social sciences have considered the possibility that individuals have preferences over relative consumption. That is, they care not (or at least not only) about their absolute level of reward, but about their rewards relative to those of others. This possibility has been mooted as a resolution of the “Easterlin paradox” (the observation that happiness appears to rise with income within a country at a point in time, but with economic growth over time). It has also been the basis for calls for taxes on “conspicuous consumption.” Recent evidence based on functional magnetic resonance imaging suggests that social comparisons do affect reward processing in the human brain (Fliessbach et al., Science, November, 2007).
This workshop brings together some new insights, both theoretical and empirical, on preferences for relative consumption, and the role of social comparisons in shaping behaviour and wellbeing.
Professor Peter Kuhn
University of California
at Santa Barbara
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“The Own and Social Effects of an Unexpected Income Shock: Evidence from the Dutch Postcode Lottery.”
Joint with Peter Koorerman, Adriaan R. Soetevent and Arie Kapteyn
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Dr. Luisa Corrado
University of Cambridge
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“Covet Thy Neighbour: Relative Social Position as a Determinant of Well-being”
Joint with Aqib Aslam, and Emiliano Santoro
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Professor Partha Dasgupta
University of Cambridge |
“Conspicuous Consumption, Inconspicuous Leisure.”
Joint with Kenneth J. Arrow. |
- all welcome -
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