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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
Version:
Accepted manuscript

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Publisher copy:
10.1016/j.jebo.2016.06.005

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Institution:
University of Oxford
Department:
Oxford, SSD, Economics, CSAE
Wohlfart, J More by this author
Publisher:
Elsevier Publisher's website
Journal:
Journal of Economic Behavior and Organization Journal website
Volume:
129
Pages:
172-194
Publication date:
2016-06-25
Acceptance date:
2016-06-11
DOI:
ISSN:
0167-2681
URN:
uuid:f3bab6b2-90c2-4a62-829b-37222742014c
Source identifiers:
613051
Local pid:
pubs:613051

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