Esteem and Risk Aversion
نویسندگان
چکیده
We consider how the demand for esteem shapes risk-taking behavior. When individuals care about what other people think of them, and gambles are bundled with esteem, they may be especially risk-averse with respect to losses and risk-loving with respect to gains. We consider the implications of this postulate for labor markets, wage stickiness, high powered incentives, search, and related issues. We consider whether the esteem hypothesis offers predictions that go beyond those of standard behavioral economics.
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