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Luxury and Wealth

Shinsuke Ikeda

出版	SSRN, 2006
URL	http://books.google.com.hk/books?id=ai7azwEACAAJ&hl=&source=gbs_api

註釋

I develop a dynamic theory of luxury consumption, particularly emphasizing the causal effect that pursuit of luxury goods has on wealth accumulation. A quasi-luxury is defined as a good whose marginal rate of substitution is increasing in a utility index. Under certain conditions, it is indeed a luxury good. When current wealth holding falls short of (exceeds) long-run needs, luxury consumption is postponed more (less) easily than necessity consumption, due to a lower (higher) time preference for luxury and/or a higher intertemporal elasticity of substitution thereof. Preferences for quasi-luxuries lead to a higher steady-state value of wealth or capital.