Put away that Rolex, because there's a new conspicuous consumption totem on the block. A June paper from the National Bureau of Economic Research looking at, in part, common predictors of wealth, found that owning an iPhone is a strong sign that someone is in fact straight ballin'. Or, at least "high-income." SEE ALSO: Get ready for the 'largest iPhone ever' "We measure cultural distance between two groups as the ability to infer an individual's group based on his or her (i) media consumption,...
Put away that Rolex, because there's a new conspicuous consumption totem on the block. A June paper from the National Bureau of Economic Research looking at, in part, common predictors of wealth, found that owning an iPhone is a strong sign that someone is in fact straight ballin'. Or, at least "high-income." SEE ALSO: Get ready for the 'largest iPhone ever' "We measure cultural distance between two groups as the ability to infer an individual's group based on his or her (i) media consumption,...
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