WPC#O   [n9[Ed krM(Avm+ >,_q]p2f%cY)A%OMLdͪFX/T$22J gza"C|@Xʖ(:<]%q_E ?Ԟհ_ENw^.Tc;(+Ka:E$Ǖ1k9G&NGS0w>@63l(Uy^[ZN4Yw H6l?@ BAC (/%7[gx:'WDἓhˣ3q۩ҜQd0(|TџO?2=JnAiO-Oi!]g;@=Λqpcx;C2~Sh3|eֵ>x| vnﵑ[r@i͜G;(J=6<U#!UN % 0^ / w4; 4o   m N 0 X 0 D I I I Uz>a a a U#* D+ N  0/ 0( AM` A w C  B[ 0 /!LLLLLLLLLLLLLLLL f%% (*O+-f12~5@ [6oQg6pOKoFpHqH(sLptGuGwCJxGyGz@ |oEb'|pplfN aN  O HP LaserJet 1100,,,,,,0(9 Z6Times New Roman RegularX(Y$8GMXXdXXd8    TRX3'X3'3' Letter3' LetterTs*cN*rtyBarւ3|xU((3g$ Y!8XXdd8    TRX3'X3' Letter3' Letter3'T   p   0  (#$  0   \  `&Times New Roman%2A`Arial'dxd Level 1 Level 2 Level 3 Level 4 Level 5(2Ka$ Y!8XXdd8    TRX3'X3' Letter3' Letter3'T  ($A<< c ThorstenDuesenberryNeumarkPostlewaite NLSYvcucdhdvSmeedingLuxemberg Ginicovarying bgit cxiti iti gini xitInglehart lnc h hnvwrhr3 hrwr hr n[ln hn nvwr nvwrur)twrhrwrhrmv)m nwoBagwellSImonBernheimEfects inaSheshinskiEasterlinAbramovitzHomansPublicsLImitingScitovskyTiborAmartyaPraag THe theNussbaum edso&"D&raw Object Text <C HKKKKdd d Q  g$   p   1    _ԀThankstoMichaelAsh,Giacomo_Corneo_,James_Rebitzer_,Juliet_Schor_,and  ElisabethWoodforcomments,BridgetLongridgeforresearchassistance,andtheMacArthurFoundationforfinancialsupport.Theauthorsmaybereachedat_bowles_@econs.umass.edu(http://wwwunix.oit.umass.edu/~bowles/)andyjpark@econs.umass.edu.(2Ka$ Y!8XXdd8    TRX3'X3' Letter3' Letter3'T  endnote+.cit  g$   p   2    _ԀSeeBagwell4( e  <0mec&& Bagwell, 1996 1713<5  <0med&& Bagwell, 1996 1713<(1996) &mF&67 y,vanPraag4( + >2mg(v van Praag, 1993 2959>5  >2m`(v van Praag, 1993 2959>(1993) &mF&6y7 ?,Sen4(  8,mbC "~ Sen, 1983 283685  8,meC "~ Sen, 1983 28368(1983) &mF&6f7 ,Hirsch,4(  :.mwb{$V Hirsch, 1976 844:5  :.mwe{$V Hirsch, 1976 844:(1976) &mF&6K7 ,Scitovsky,  4(  >2mf(V Scitovsky, 1976 2823>5  >2ma(V Scitovsky, 1976 2823>(1976) &mF&6K7 ,,andEasterlin4(  =1mF`'v Easterlin, 1974 526=5  =1mFg'v Easterlin, 1974 526=(1974) &mF&6B7 .Frank4(  :.mb͍$6 Frank, 1997 2130:5  :.me͍$6 Frank, 1997 2130:(1997) &mF&6/7 }ԀandClarkandOswald4(  9-mmb#& Clark, 1996 40795  9-mme#& Clark, 1996 4079(1996) &mF&6$7 2qԀprovideextensiveadditionalreferencestotheempiricalliterature.Therelevantsociologicalandsocialpsychologicalliteratureisbycomparisonextensiveandvenerable:Homans4( P :.mbU$. Homans, 1961 873:5  :.meU$. Homans, 1961 873:(1961) &mF&67 d  ԀandFestinger4( .  =1m;`'V Festinger, 1957 602=5  =1m;g'V Festinger, 1957 602=(1957) &mF&6 7 B Ԁinfluentialcontributions.   g$   p   3    _Ԁ_Corneo_ԀandJeanne4(  ;/mb+%6 Corneo, 1997 3079;5  ;/me+%6 Corneo, 1997 3079;(1997) &mF&67 ԀanalyzeoptimaltaxationinVebleninspired_inspired_  modelofan_indvisible_Ԁconspicuousconsumptiongoodwithbothsnobbishandconformistconsumers.AsinthemodelbelowthetaximplicationsoftheVebleneffectstheymodeldependonthenumberofconsumers.   g$   p   4    _ԀIftheutilityfunctioniscobbdouglasinleisureandeffectiveconsumption(with  athecoefficientofc*)thenthechoiceofhoursissuchthat p h*/(1h*)=a/(1a)+vc~/w(1h) d withtheincreasedhoursindicatedbythesecondtermontherighthandsiderepresentingtheVebleneffect(initsabsenceh=a).   g$   p   5    _ԀWetreatgasexogenous.Changesinmanufacturinghoursaffecttotallaborsupply  andtherebymightinfluenceg,butthiseffectwouldoperateviawagerates,andweassumethattheseeffects,iftheyexistarecapturedbyourwagevariable. E  g$   p   6    _ԀOurestimateofthecoefficientofthelogarithmofwagesisveryclosetothe  simpleaverageofalltheestimatesofthelaborsupplyelasticity(0.12)reportedin_Pencavel_4(  =1mz`U '. Pencavel, 1986 3080=5  =1mzgU '. Pencavel, 1986 3080=(1986) &mF&6_7 . }  g$   p   7    _ԀAmongothers,Boskin4( s ;/mMN% Boskin, 1978 1831;5  ;/mMN% Boskin, 1978 1831;(1978) &mF&67 ,Ireland4( z <0mBcQ& Ireland, 1994 2323<5  <0mBdQ& Ireland, 1994 2323<(1994) &mF&6|7 ԀandOswald4(  ;/mb{P%~ Oswald, 1983 2653;5  ;/me{P%~ Oswald, 1983 2653;(1983) &mF&6k7 Ԁhavemade  similarproposals. w  g$   p   8    _ԀWeretheremmembersofathird(poorer)classwithawageratewoandhoursof  workho,atediouscalculationshowsthat   p hr*(1+vwr(n+mv/wo))=1/  (    g$   p   9    _ԀIfthereexistsathird,poorerclass,asdefinedinthepreviousfootnote,andthe  intermediateclassistaxedattherate)m<1,theoptimaltaxontheconsumptionoftherich  increasesto(12') p )*=1[nvwr(1+mv(1)m)/nwo]1 P  totakeaccountoftheindirectVebleneffects(viaincreasedworkandconsumptionbythemiddlegroup)onthewellbeingofthepoorestgroup(theincreasein)*varyingpositively  t withtherelativesizeofthepoorerclassandinverselywithitswage.) t    \R3' Letter\CDWPC@@>>>>!>> f   X''  ' X' X- "-  $bYYbbY "- "--'-- UbO9b bYbY&b&bbbYbY--'-- XO9 "-Yb YbYb--'-- X "-Yb bArial-^b^b^bY^Yb&^&b^b^b^bY^Ybbbbtt##55GGXXjj{{++==OO``rr--"System-'--- S---'--- V_---'--- V_0- "-k ||  ,,>>OOaass##44FFWWiizz "-k||  ,,>>OOaass##44FFWWiizz "-k||  ,,&>&>=O=OTaTasssswwyyyy##44FFWWiizzzz "-k||  ,,>>OOaa,s,s))1199;;;;GGkkoomms#s#q4q4lFlFiWiWkikipzpzyyttuuttyyvvyyw "-k||  ,, > >OO'a'a>s>s$$22>>AANNXX]]\\[[k#k#p4p4rFrFvWvWiizz "-k||   , ,>>OO(a(a8s8s88==??FFDDDDFFFFFFM#M#7474'F'FWWiizz**++==$$##++'') "-k||  ,,>>0O0OLaLa\s\s^^aajjttookkbbaamm##44FFWWiizz "-k||  ""8 8 >>H,H,T>T>YOYOeaeahshs~~##44FFWWiizz "- k||%%//6677FFXXg g iik,k,>>OOaass##44FFWWiizz||xxwwx "-k||  ,,>>OOaass%% # #44 F FWWiizz  k- "- $knkhk---'--- V_| $||y|---'--- V_ $---'--- V_ $---'--- V_ $---'--- V_ $---'--- V_ $---'--- V_ $---'--- V_ $---'--- V_  $    ---'--- V_ $---'--- V_, $,/,),---'--- V_> $>A>;>---'--- V_O $OROLO---'--- V_a $ada^a---'--- V_s $svsps---'--- V_ $---'--- V_ $---'--- V_ $---'--- V_ $---'--- V_ $---'--- V_ $---'--- V_ $---'--- V_ $---'--- V_ $---'--- V_# $#&# #---'--- V_4 $47414---'--- V_F $FIFCF---'--- V_W $WZWTW---'--- V_i $ilifi---'--- V_z $z}zwz---'--- V_ $---'--- V_ $---'--- V_ $---'--- V_ $---'--- V_ $---'--- V_ $---'--- V_ $---'--- V_ $ ---'--- V_k- "-  nh---'--- V_| y---'--- V_ ---'--- V_ ---'--- V_ ---'--- V_ ---'--- V_ ---'--- V_ ---'--- V_ ---'--- V_   ---'--- V_ ---'--- V_, /)---'--- V_> A;---'--- V_O RL---'--- V_a d^---'--- V_s vp---'--- V_ ---'--- V_ ---'--- V_ ---'--- V_ ---'--- V_ ---'--- V_ ---'--- V_ ---'--- V_ ---'--- V_ ---'--- V_# & ---'--- V_4 71---'--- V_F IC---'--- V_W ZT---'--- V_i lf---'--- V_z }w---'--- V_ ---'--- V_ ---'--- V_ ---'--- V_ ---'--- V_ ---'--- V_ ---'--- V_ ---'--- V_  ---'--- V_k- "-    $knhk---'---  V_|  $|y|---'---  V_  $---'---  V_  $---'---  V_  $---'---  V_  $---'---  V_  $---'---  V_  $---'---  V_  $---'---  V_   $   ---'---  V_  $---'---  V_,  $,/),---'---  V_&>  $>#A);)>#---'---  V_=O  $O:R@L@O:---'---  V_Ta  $aQdW^WaQ---'---  V_s  $svps---'---  V_s  $pvvp---'---  V_w  $tzzt---'---  V_y  $v||v---'---  V_y  $v||v---'---  V_  $---'---  V_  $---'---  V_  $---'---  V_  $---'---  V_  $---'---  V_#  $#& #---'---  V_4  $4714---'---  V_F  $FICF---'---  V_W  $W}ZTW}---'---  V_i  $ilfi---'---  V_zz  $zw}}w}zw---'---  V_  $---'---  V_  $---'---  V_  $---'---  V_  $||---'---  V_  $---'---  V_  $---'---  V_  $---'---  V_  $ ---'---  V_k0- "-    qg "-  khknkhkn---'---  V_| "-   x "-  |y||y|---'---  V_ "-    "-  ---'---  V_ "-    "-  ---'---  V_ "-    "-  ---'---  V_ "-    "-  ---'---  V_ "-    "-  ---'---  V_ "-    "-  ---'---  V_ "-    "-  ---'---  V_  "-    "-        ---'---  V_ "-   ! 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