Reflected glory vs. repulsive envy: what do the Smiths feel about the house of the Joneses?Nanda, A. and Yeh, J. (2016) Reflected glory vs. repulsive envy: what do the Smiths feel about the house of the Joneses? Asian Economic Journal, 30 (3). pp. 317-341. ISSN 1467-8381
It is advisable to refer to the publisher's version if you intend to cite from this work. See Guidance on citing. To link to this item DOI: 10.1111/asej.12095 Abstract/SummaryA key question raised regarding conspicuous consumption is whether such consumption leads to positive or negative net externalities. The present paper examines how the presence of luxury and expensive properties within a local area affects the house prices in Taipei City. Positive externalities may be associated with improved urban amenities or reflected glory. Negative externalities may be associated with the adverse reference group effect; that is, repulsive envy. The paper discusses the spillover effects due to changes in neighborhood's housing characteristics, and shows significant spatial patterns in house prices and the importance of socioeconomic influences on house prices
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