Borrowing to Keep up (with the Joneses): Inequality, Debt, and Conspicuous Consumption
The quest for status is a powerful motivator, but does it affect inequality? This paper presents a novel lab experiment that was designed and conducted to identify the relationship between inequality, status signaling, debt, and conspicuous consumption. It reports three main findings: First, consump...
Gespeichert in:
| 1. Verfasser: | |
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| Format: | Elektronisch E-Book |
| Sprache: | English |
| Veröffentlicht: |
Washington, D.C
The World Bank
2020
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| Schriftenreihe: | World Bank E-Library Archive
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| Online-Zugang: | kostenfrei |
| Zusammenfassung: | The quest for status is a powerful motivator, but does it affect inequality? This paper presents a novel lab experiment that was designed and conducted to identify the relationship between inequality, status signaling, debt, and conspicuous consumption. It reports three main findings: First, consumption increases when it is "conspicuous" (i.e. is both observable, and signals ability/status). Second, borrowing increases when consumption is conspicuous. More critically, this increase in loan-taking is driven by those at the bottom of the income distribution. Third, in the presence of conspicuous consumption, access to finance exacerbates inequality. The results point to a vicious cycle of inequality and costly borrowing |
| Beschreibung: | 1 Online-Ressource (35 Seiten) |
| DOI: | 10.1596/1813-9450-9354 |
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| spellingShingle | Banuri, Sheheryar Borrowing to Keep up (with the Joneses) Inequality, Debt, and Conspicuous Consumption |
| title | Borrowing to Keep up (with the Joneses) Inequality, Debt, and Conspicuous Consumption |
| title_auth | Borrowing to Keep up (with the Joneses) Inequality, Debt, and Conspicuous Consumption |
| title_exact_search | Borrowing to Keep up (with the Joneses) Inequality, Debt, and Conspicuous Consumption |
| title_exact_search_txtP | Borrowing to Keep up (with the Joneses) Inequality, Debt, and Conspicuous Consumption |
| title_full | Borrowing to Keep up (with the Joneses) Inequality, Debt, and Conspicuous Consumption Sheheryar Banuri |
| title_fullStr | Borrowing to Keep up (with the Joneses) Inequality, Debt, and Conspicuous Consumption Sheheryar Banuri |
| title_full_unstemmed | Borrowing to Keep up (with the Joneses) Inequality, Debt, and Conspicuous Consumption Sheheryar Banuri |
| title_short | Borrowing to Keep up (with the Joneses) |
| title_sort | borrowing to keep up with the joneses inequality debt and conspicuous consumption |
| title_sub | Inequality, Debt, and Conspicuous Consumption |
| url | https://doi.org/10.1596/1813-9450-9354 |
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