A Theory of Association: Social Status, Prices and Markets

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Abstract
The utility from some 'commodities' depends on the allocation rule used to distribute it. If, for example, a prize for excellence in some field is given frequently to the highest bidders, its recipients would feel less happy than they would otherwise. Such goods are called association goods. It is argued that a wide range of commodities have an element of the association good in them and that for such commodities standard theory end prescriptions run into difficulty.
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