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Positional goods and legal orderings

Pagano, Ugo ; Vatiero, Massimiliano

In: Encyclopedia of Law and Economics

People consume because others consume, maintained Veblen in 1899. More recently, theoretical, empirical and experimental articles have argued that people constantly compare themselves to their environments and care greatly about their relative positions. Given that competition for positions may produce social costs, we adopt a Law and Economics approach (i) to suggest legal remedies for...