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Integrating Social Status into Economic Theory: The Social Status Economics of Robert Frank

Author

Listed:
  • Teodor Sedlarski

    (Sofia University, Bulgaria)

Abstract

This article offers an overview of the American economist Robert Frank’s approach towards integrating social status concerns into conventional economic models of consumer choice, individual time allocation between work and leisure, income allocation between consumption and saving, etc. Preserving the methodological individualism of traditional economic analysis Frank succeeds to add a promising new layer to neoclassical economic theory - implicit markets for social status – which is able to explain both competitive behavior and the apparent deviation from it in a multitude of real-life instances.

Suggested Citation

  • Teodor Sedlarski, 2014. "Integrating Social Status into Economic Theory: The Social Status Economics of Robert Frank," Ikonomiceski i Sotsialni Alternativi, University of National and World Economy, Sofia, Bulgaria, issue 4, pages 117-134, December.
    • Handle: RePEc:nwe:iisabg:y:2014:i:4:p:117-134
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    More about this item

    Keywords

    integrating social status; social status economics; Robert Frank;
    All these keywords.

    JEL classification:

    • B40 - Schools of Economic Thought and Methodology - - Economic Methodology - - - General
    • D01 - Microeconomics - - General - - - Microeconomic Behavior: Underlying Principles
    • B52 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Historical; Institutional; Evolutionary; Modern Monetary Theory;
    • D91 - Microeconomics - - Micro-Based Behavioral Economics - - - Role and Effects of Psychological, Emotional, Social, and Cognitive Factors on Decision Making
    • H23 - Public Economics - - Taxation, Subsidies, and Revenue - - - Externalities; Redistributive Effects; Environmental Taxes and Subsidies

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