Reflected Glory Versus Repulsive Envy: How Do the Smiths Feel About the House of the Joneses?*

摘要: A key question raised regarding conspicuous consumption is whether such leads to positive or negative net externalities. The present paper examines how the presence of luxury and expensive properties within a local area affects house prices in Taipei City. Positive externalities may be associated with improved urban amenities reflected glory. Negative adverse reference group effect; that is, repulsive envy. discusses spillover effects due changes neighborhood's housing characteristics, shows significant spatial patterns importance socioeconomic influences on prices.