Lewbel, Arthur; Norris, Samuel; Pendakur, Krishna; Qu, Xi - In: Quantitative economics : QE ; journal of the … 13 (2022) 3, pp. 1257-1295
We construct a peer effects model where mean expenditures of consumers in one's peer group affect utility through … increases perceived needs, and thereby reduces one's utility, by the equivalent of a 0.25 rupee decrease in one's own …