Browsing by Author "Andersson, Fredrik W."

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    Consumption Theory with Reference Dependent Utility
    (2006) Andersson, Fredrik W.; Department of Economics
    This paper presents a closed form consumption function for an individual when he derives utility from both his current and previous consumption and from the consumption of his relevant others. I show that the traditional definition of an individual's marginal propensity to consume (MPC) is too narrow. With existing knowledge we would call for a broader definition of the MPC that I coin as the individual's total MPC, which also takes into account the consumption change of the relevant others, and this affects that total MPC is smaller than the traditional MPC
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    Essays on Social Comparison
    (2011-01-18) Andersson, Fredrik W.
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    Is Concern for Relative Consumption a Function of Relative Consumption?
    (2006) Andersson, Fredrik W.; Department of Economics
    By using hypothetical choice experiments, this paper presents evidence that individuals' concern for relative consumption depends on their relative consumption. Individuals with consumption levels above society's average consumption level tend to have, in general, lower concern for relative consumption. This supports Duesenberry's (1949) notion that people are more concerned with upward social comparison than with downward social comparison.