We develop a model that predicts changes in household consumption following a mean
preserving increase in consumption inequality. The model allows for multiple peer-groups (a …

This paper presents a simple model of a common access fishery where fishermen care
about relative performance as well as absolute profits. Our model captures the idea that …

This paper shows the construction of a growth model that includes public infrastructure and
a related externality and investigates the dynamic properties of the model for a specific …

This paper studies the fight-or-flight ambivalence people show towards the success of the
proverbial Joneses. If an agent cares about leisure and his consumption relative to a …

We provide a theory which explains the link between depression and participation in social
media. Opportunities to be captured and posted to one's social media randomly arrive and …

We analyze the change in consumer demand following a mean preserving change in
consumption inequality when there is conspicuous consumption. We model interdependent …

This paper studies the fight-or-flight ambivalence people show towards the success of the
proverbial Joneses. If an agent cares about leisure and his consumption relative to a …

With univariate preferences the optimum international diversification implies an investment
home bias (IHB). Can bivariate preferences with a local domestic peer group rationalize the …

This paper introduces habit formation into a money-in-the utility model and
investigatestheoptimalinflationtax. Weshowthat thevalidityoftheFriedmanruledepends on the …