We study the question of how relative standing comparisons, or 'status
seeking, influence risk taking. When utility is separable in consumpt
ion and status the following results apply. With non-systematic risks,
more concern for status leads to more (less) risk taking when, in a s
ense made precise in the paper, the utility function is less (more) co
ncave in status than in pure consumption. With systematic risk, risk t
aking always increases with the concern for status. However, status se
eking always implies socially excessive fisk taking, thus suggesting a
role for public regulation of risky choices.