@TechReport{iza:izadps:dp2658,
            	author={Beath, John and FitzRoy, Felix},
            	title={Status, Happiness, and Relative Income},
            	year={2007},
	month={Mar},
            	institution={Institute of Labor Economics (IZA)},
            	address={Bonn},
            	type={IZA Discussion Paper},
            	number={2658},
            	url={https://www.iza.org/publications/dp2658},
	abstract={Models of status based on Frank’s (1985) count of the number of people with lower conspicuous consumption are inconsistent with the extensive empirical literature on happiness and well-being. The alternative approach to consumption interaction which uses some form of relative income has been developed in various contexts. These predict that a representative agent’s well-being will increase with real income or consumption. However, this is again inconsistent with the time-series evidence for advanced economies. In this paper we combine a simple model of relative income with a distribution of ability that correctly predicts both time series results of near constant utility, and the positive, concave cross-sectional relation between income, working time and happiness.},
	keywords={status;happiness;relative income},
            }