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“Relative concerns for consumption at the top”: An intertemporal analysis for the UK

Abstract:

This paper investigates whether the consumption of rich households provides a reference point in the intertemporal consumption choices of non-rich households. Using UK household data on food consumption, we estimate the Euler equation implied by a life-cycle model incorporating relative concerns for the consumption of rich households. According to both our OLS and GMM estimates, for the population of non-rich households as a whole, there is no evidence of such relative concerns. We also exami...

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Publication status:
Published
Peer review status:
Peer reviewed

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Publisher copy:
10.1016/j.jebo.2016.06.005

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Institution:
University of Oxford
Division:
SSD
Department:
Economics
Sub department:
CSAE
Role:
Author
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Name:
German Academic Exchange Service
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Name:
German National Merit Foundation
Publisher:
Elsevier
Journal:
Journal of Economic Behavior & Organization More from this journal
Volume:
129
Pages:
172-194
Publication date:
2016-06-25
Acceptance date:
2016-06-11
DOI:
ISSN:
0167-2681
Keywords:
Pubs id:
pubs:613051
UUID:
uuid:e8a8d3fe-7551-48f1-bd5e-2f83f85ae2f8
Local pid:
pubs:613051
Source identifiers:
613051
Deposit date:
2018-05-14

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