Chapter

A More Complex Equilibrium in Performance

Geoffrey Brennan and Philip Pettit

in The Economy of Esteem

Published in print March 2004 | ISBN: 9780199246489
Published online November 2004 | e-ISBN: 9780191601460 | DOI: http://dx.doi.org/10.1093/0199246483.003.0007
A More Complex Equilibrium in Performance

Show Summary Details

Preview

Performances in some estimable domain might be neither esteemed nor disesteemed: they might fall in some ‘normal’ range. This fact makes for a more complex model of equilibrium than that explored in Ch. 5, but many of the same feedback effects are present. However, it is not the case that esteem-seeking is strictly zero-sum: increased esteem for A is not necessarily bought at the cost of less esteem for all others. The ‘three-range’ version of the basic model has implications for risk-taking and risk-aversion over different ranges of performance: persons earning small amounts of positive esteem will tend to be risk-loving. Persons earning small amounts of disesteem will tend to be risk-averse. Some policy implications of this property are derived.

Keywords: equilibrium; normal range; positive sum; risk-aversion/loving

Chapter.  7248 words.  Illustrated.

Subjects: Microeconomics

Full text: subscription required

How to subscribe Recommend to my Librarian

Buy this work at Oxford University Press »

Users without a subscription are not able to see the full content. Please, subscribe or login to access all content.