Catching Up with the Joneses: Heterogeneous Preferences and the Dynamics of Asset Prices
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We analyze a general equilibrium exchange economy with a continuum of agents who have 'catching up with the Joneses' preferences and differ only with respect to the curvature of their utility functions. While individual risk aversion does not change over time, dynamic redistribution of wealth among
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美国国家经济研究局创建时间：
2001-11-01
