Explaining fashion cycles: Imitators chasing innovators in product space
نویسندگان
چکیده
منابع مشابه
Explaining Fashion Cycles: Imitators Chasing Innovators in Product Space
This paper considers the problem of a fashion trend-setter confronting an imitator who can produce the same product at lower cost. A onedimensional product space is considered, which is an abstraction of the key attribute of some consumer good. Three broad strategies can be optimal for the fashion-leader: (1) Never innovate; milk pro ts from the initially advantageous position but ultimately co...
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Scientific progress is driven by innovation—which serves to produce a diversity of ideas—and imitation through a social network—which serves to diffuse these ideas. In this paper, we develop an agent-based computational model of this process, in which the agents in the population are heterogeneous in their abilities to innovate and imitate. The model incorporates three primary forces: the disco...
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Scientific progress is driven by innovation — which serves to produce a diversity of ideas — and imitation through a social network — which serves to diffuse these ideas. In this paper, we develop an agent-based computational model of this process, in which the agents in the population are heterogeneous in their abilities to innovate and imitate. The model incorporates three primary forces — th...
متن کاملFashion Cycles in Economics
Keywords, JEL Codes THE RAISON D'ÊTRE FOR SCIENCE, AND ECONOMIC ANALYSIS IN particular, is to understand and explain observable phenomena. Yet, in an article in the American Economic Review, Wolfgang Pesendorfer (1995) develops a model of the design cycle of fashion goods that shows little regard for data, observational experience, history, intuition, or semantic integrity. These cornerstones o...
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Many cultural traits exhibit volatile dynamics, commonly dubbed fashions or fads. Here we show that realistic fashion-like dynamics emerge spontaneously if individuals can copy others' preferences for cultural traits as well as traits themselves. We demonstrate this dynamics in simple mathematical models of the diffusion, and subsequent abandonment, of a single cultural trait which individuals ...
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ژورنال
عنوان ژورنال: Journal of Economic Dynamics and Control
سال: 2007
ISSN: 0165-1889
DOI: 10.1016/j.jedc.2006.05.008