In class today the question of concern with relative wealth came up and one student mentioned an article according to which a majority of people said that given the choice between two alternatives, in one of which their absolute wealth was higher but other people's was higher still, they would prefer the alternative with lower absolute but higher relative wealth.
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Relative vs Absolute Wealth and Revealed…
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In class today the question of concern with relative wealth came up and one student mentioned an article according to which a majority of people said that given the choice between two alternatives, in one of which their absolute wealth was higher but other people's was higher still, they would prefer the alternative with lower absolute but higher relative wealth.