Co-monotonicity: Toward a utility function capturing envy

Economics Letters, 2012, vol. 114, issue 1, 16-19

Abstract: Envy affects economic decisions, and can lead to monotonicity violation. We introduce co-monotonicity—a generalization of monotonicity, expected to hold even in the presence of envy. Experimental results and implications for the form of possible utility functions are discussed.

Keywords: Envy; Competitive preferences; Keeping up with the Joneses; Monotonicity; First order Stochastic Dominance (search for similar items in EconPapers)
JEL-codes: D03 D81 (search for similar items in EconPapers)
Date: 2012
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Persistent link: https://EconPapers.repec.org/RePEc:eee:ecolet:v:114:y:2012:i:1:p:16-19

DOI: 10.1016/j.econlet.2011.09.002

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