The Cognitive and Behavioral Economics of Envy

Abstract

Abstract This chapter considers envy from the perspective of cognitive and behavioral economics, a perspective having some different assumptions from many of the disciplines represented in this book. It begins by describing the mainstream economic approach to envy and its direct cognitive aspects. It then reviews some relevant applications and evidence. It argues that its welfare implications depend on how the envy-induced rat races are perceived to be taking place. In this sense, from an economic viewpoint, it is not the case that envy is good or bad, but rather that it is good or bad based on the outcomes it produces, and these differ depending on the context and on how the economic situation is perceived by the economic agents. The chapter also discusses limitations; although envy as a motivation is increasingly well understood, the cognitive economics of envy (and other negative emotions) is much less so.

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