Treasure or Leisure? Production Economies in a World of Social Comparison
摘要
Social comparison, the tendency to evaluate one’s well-being relative to others, plays a pivotal role in shaping economic behavior, particularly in the digital era. While its influence on consumption patterns has been extensively analyzed, the effects of social comparison in the realm of leisure remain less understood. This paper investigates the impact of social comparison in both consumption and leisure on social welfare within a two-country general equilibrium model of production economies. We analyze distinct social comparison scenarios, each reflecting different preference configurations of representative consumers across two countries. Our findings reveal that economies with a focus on social comparison in consumption domain experience heightened consumption levels, while those prioritizing social comparison leisure supply less labor. We identify four key social comparison effects: (1) the One-Sided Effect, where unilateral comparison benefits one party without distorting the other’s choices; (2) the Two-Sided Effect, involving mutual competition that leads to inefficient consumption and leisure decisions; (3) the Cross-Country Different-Domain Effect, where international specialization enhances welfare through comparative advantage; and (4) the Within-Country Dual-Domain Effect, which illustrates potential welfare gains through adaptive responses to domestic consumption and leisure trade-offs. These insights advance our understanding of the complex interaction between social comparison, consumption, and leisure across different cultural and national contexts.