This article reviews the literature on aspirations in economics, with a particular focus on
socially determined aspirations. The core theory builds on two fundamental principles:(a) …

The paper investigates the effects of changes in the distribution of income and wealth on
aggregate demand and its components. The model of Bhaduri and Marglin is extended to …

This paper investigates the trickle-down consumption effect and the moderating effect of
digital finance in China. Three realistic patterns motivate this study; trickle-down …

We demonstrate that upward-looking comparisons induce “keeping up with the richer
Joneses”-behaviour. Using data from the German Socio-Economic Panel, we estimate the …

We analyze the effects of a generalized class of negative consumption externalities
(asymmetric and non-atmospheric) on the structure of efficient commodity tax programs …

This paper presents an empirical analysis of residential electricity demand considering the
existence of spatial effects. This analysis has been performed using aggregate panel data at …

This article provides a new perspective of peer effects that coexist in different consumer
activities and investigates how consumption of a household is affected by the level of …

Over the last 30 years the US experienced a surge in income inequality coupled with
increasing levels of borrowing. We model an OLG economy populated by two types of …

The existing climate models ignore the behavioral anomalies of households and conclude
that the optimal environmental tax rate should comove with business cycles. However, this …

Guiding individuals to adopt pro-environmental behaviors is critical to achieving carbon
neutrality goals. Public policy targeted at a small number of people may be amplified by …