“…Leading economists, such as Adam Smith, Thorstein Veblen, John Meynard Keynes, and Arthur Pigou, have recognized since a long time that people care about their relative economic position and are even willing to forgo money in order to gain status (Frank, 1985a;Solnick and Hemenway, 1998;Carlsson et al, 2007a;Grolleau et al, 2012a). 1 Positional concernsthat is, individuals' preference to having less in absolute terms of a given good or service if doing so conveys them a better relative situation, compared with others in their reference groupare pervasive in numerous real-world settings and have yet benefited from an important academic attention (e.g., Duesenberry, 1949;Hirsch, 1976;Frank, 1985aFrank, , 1985bNeumark and Postlewaite, 1993;Easterlin, 1995;Chao and Schor, 1998;Solnick and Hemenway, 1998, 2005Johansson-Stenman et al, 2002;Brekke et al, 2003;Van Kempen, 2003;Alpizar et al, 2005;Carlsson et al, 2007a;Greene and Nelson, 2007;Solnick et al, 2007;Carlsson and Qin, 2010;Bekir et al, 2011;Grolleau et al, 2012a;Anderson et al, 2015).…”