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Vincenzo Lombardo
''Relative consumption and human capital accumulation''
( 2013, Vol. 33 No.2 )
This paper shows that the interaction between consumption and production externalities generates multiple equilibria in a simple model in which individuals care of their relative consumption because holding a relatively advantageous position is instrumental to obtain productive benefits.
Keywords: Relative consumption, status concerns, multiple equilibria.
JEL: O1 - Economic Development: General
D3 - Distribution: General
Manuscript Received : Mar 18 2013 Manuscript Accepted : Apr 26 2013

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