GENUINE SAVING AND POSITIONAL EXTERNALITIES
研究了人们关注相对消费时，地位外部性如何影响可持续发展指标，并推导出修正后的真实储蓄公式，对政策制定者和经济学家评估福利变化有参考价值。
Abstract Much evidence suggests that people are concerned with their relative consumption. Yet, positional externalities have so far been ignored in savings‐based indicators of sustainable development. This article examines the implications of relative consumption concerns for measures of sustainable development by deriving analogues to genuine saving when people are concerned with their relative consumption. Unless the positional externalities have been internalized, an indicator of such externalities must be added to genuine saving to arrive at the proper measure of welfare change. We also show how relative consumption concerns affect the way public investment ought to be reflected in genuine saving.