We demonstrate that in models where agents have concerns for status the model predictions can drastically change depending on whether status is modelled as an ordinal or cardinal magnitude. As a proof, we show that two well known theoretical findings are not robust to the substitution of ordinal status with cardinal status (Frank (1985)) and viceversa (Clark and Oswald (1998)).
Ordinal Vs Cardinal Status: Two Examples / Bilancini, Ennio; Boncinelli, L.. - In: ECONOMICS LETTERS. - ISSN 0165-1765. - STAMPA. - 101:1(2008), pp. 17-19. [10.1016/j.econlet.2008.03.027]
Ordinal Vs Cardinal Status: Two Examples
BILANCINI, Ennio;
2008
Abstract
We demonstrate that in models where agents have concerns for status the model predictions can drastically change depending on whether status is modelled as an ordinal or cardinal magnitude. As a proof, we show that two well known theoretical findings are not robust to the substitution of ordinal status with cardinal status (Frank (1985)) and viceversa (Clark and Oswald (1998)).
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