Artikel
Income inequality and saving in a class society: The role of ordinal status
This paper examines the impact of income growth and income inequality on household saving rates and payoffs in a non-cooperative game where each player's payoff depends on her present and future consumption and her rank in the present consumption distribution. The setting is a pooling equilibrium with three clusters of successive income groups, each cluster having its own present-consumption standard and rank in the present-consumption distribution. In this way the analysis addresses the saving behaviour and welfare of three social classes: the lower, middle and upper class. Explanations are found for the Easterlin paradox and the Kuznets consumption puzzle and it is concluded that rank concerns tend to strengthen the case for more income equality and weaken the standard effect of inequality on aggregate saving.
- Sprache
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Englisch
- Erschienen in
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Journal: Economics: The Open-Access, Open-Assessment E-Journal ; ISSN: 1864-6042 ; Volume: 12 ; Year: 2018 ; Issue: 2018-46 ; Pages: 1-31 ; Kiel: Kiel Institute for the World Economy (IfW)
- Klassifikation
-
Wirtschaft
Noncooperative Games
Personal Income, Wealth, and Their Distributions
Externalities
Macroeconomics: Consumption; Saving; Wealth
General Welfare; Well-Being
Cultural Economics; Economic Sociology; Economic Anthropology: General
- Thema
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status
relative consumption
saving
income inequality
income growth
- Ereignis
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Geistige Schöpfung
- (wer)
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Haagsma, Rein
- Ereignis
-
Veröffentlichung
- (wer)
-
Kiel Institute for the World Economy (IfW)
- (wo)
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Kiel
- (wann)
-
2018
- DOI
-
doi:10.5018/economics-ejournal.ja.2018-46
- Handle
- Letzte Aktualisierung
-
10.03.2025, 11:44 MEZ
Datenpartner
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Objekttyp
- Artikel
Beteiligte
- Haagsma, Rein
- Kiel Institute for the World Economy (IfW)
Entstanden
- 2018
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