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DC Field | Value | Language |
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dc.contributor.author | Rablen, MD | - |
dc.date.accessioned | 2014-07-28T13:22:01Z | - |
dc.date.available | 2014-07-28T13:22:01Z | - |
dc.date.issued | 2008 | - |
dc.identifier.citation | The Economic Journal, 118(528), 801 - 821, 2008 | en_US |
dc.identifier.issn | 1468-0297 | - |
dc.identifier.uri | http://onlinelibrary.wiley.com/doi/10.1111/j.1468-0297.2008.02143.x/abstract | en |
dc.identifier.uri | http://bura.brunel.ac.uk/handle/2438/8779 | - |
dc.description | This is the accepted version of the following article: Rablen, M. D. (2008), Relativity, Rank and the Utility of Income. The Economic Journal, 118: 801–821, which has been published in final form at http://onlinelibrary.wiley.com/doi/10.1111/j.1468-0297.2008.02143.x/abstract. | en_US |
dc.description.abstract | Relative utility has become an important concept in several disjoint areas of economics. I present a cardinal model of income utility based on the supposition that agents care about their rank in the income distribution and that utility is subject to adaptation over time. Utility levels correspond to the Leyden Individual Welfare Function while utility differences yield a version of the prospect theory value function, thereby providing a new and shared derivation of each. I offer an explanation of some long-standing paradoxes in the wellbeing literature and an insight into the links between relative comparisons and loss aversion. | en_US |
dc.description.sponsorship | ESRC | en_US |
dc.language.iso | en | en_US |
dc.publisher | Wiley | en_US |
dc.subject | Relative utility | en_US |
dc.subject | Individual welfare function | en_US |
dc.subject | Rank | en_US |
dc.subject | Adaption | en_US |
dc.subject | Prospect theory | en_US |
dc.subject | Well-being | en_US |
dc.title | Relativity, rank and the utility of income | en_US |
dc.type | Article | en_US |
dc.identifier.doi | http://dx.doi.org/10.1111/j.1468-0297.2008.02143.x | - |
pubs.organisational-data | /Brunel | - |
pubs.organisational-data | /Brunel/Brunel Staff by College/Department/Division | - |
pubs.organisational-data | /Brunel/Brunel Staff by College/Department/Division/College of Business, Arts and Social Sciences | - |
pubs.organisational-data | /Brunel/Brunel Staff by College/Department/Division/College of Business, Arts and Social Sciences/Dept of Economics and Finance | - |
pubs.organisational-data | /Brunel/Brunel Staff by College/Department/Division/College of Business, Arts and Social Sciences/Dept of Economics and Finance/Economics and Finance | - |
pubs.organisational-data | /Brunel/University Research Centres and Groups | - |
pubs.organisational-data | /Brunel/University Research Centres and Groups/Brunel Business School - URCs and Groups | - |
pubs.organisational-data | /Brunel/University Research Centres and Groups/Brunel Business School - URCs and Groups/Centre for Research into Entrepreneurship, International Business and Innovation in Emerging Markets | - |
pubs.organisational-data | /Brunel/University Research Centres and Groups/School of Health Sciences and Social Care - URCs and Groups | - |
pubs.organisational-data | /Brunel/University Research Centres and Groups/School of Health Sciences and Social Care - URCs and Groups/Brunel Institute for Ageing Studies | - |
pubs.organisational-data | /Brunel/University Research Centres and Groups/School of Health Sciences and Social Care - URCs and Groups/Brunel Institute of Cancer Genetics and Pharmacogenomics | - |
pubs.organisational-data | /Brunel/University Research Centres and Groups/School of Health Sciences and Social Care - URCs and Groups/Centre for Systems and Synthetic Biology | - |
pubs.organisational-data | /Brunel/University Research Centres and Groups/School of Information Systems, Computing and Mathematics - URCs and Groups | - |
pubs.organisational-data | /Brunel/University Research Centres and Groups/School of Information Systems, Computing and Mathematics - URCs and Groups/Multidisclipary Assessment of Technology Centre for Healthcare (MATCH) | - |
Appears in Collections: | Economics and Finance Dept of Economics and Finance Research Papers |
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