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jhuffman comments on A signaling theory of class x politics interaction - Less Wrong
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I can cite myself as an example. When I was a teenager working in a lowly McJob I was proud to earn $.25 more than many of my co-workers. When I'd heard the minimum wage was being raised from $4.25 to $5.15 I was a bit resentful that everyone was going to earn the same, even though it also meant I would earn more. It seems to me though that last place aversion explains this just as well as the signalling explanation.
Agreed, with this note: last place doesn't normally mean last in the whole country. Each person has a smallish reference group. Moreover, wealth rankings are fuzzy (unless you define a precise metric, in which case they're artificial). You need to have a clear advantage over someone in order not to be effectively tied for last.
The two don't have to be mutually exclusive, although finding the share of responsibility might be difficult.