Positional behaviour is arguably a source of social externalities. Remedies for this market failure are defended by some authors and rejected by others. One of the issues discussed is the role that the competition for positional goods may have in generating technological innovation. This article...

Many of the recently developed alternative econometric approaches to the construction and estimation of life-cycle consistent models using individual data can be viewed as alternative choices for conditioning variables that summarise past decisions and future anticipations. By ingenious choice...