Microfoundation of Conformism in a reduced form model with Social Interaction
نویسندگان
چکیده
We analyze a class of binary dynamic models on agents’ choices and social interaction. The main feature of our analysis is that agents are heterogeneous, in particular their degree of conformism (attitude to interact with the choices of the other agents) changes over time endogenously. We provide a microfoundation of conformism and we analyze the resulting social interaction. We analyze steady states of the dynamics and we investigate stability of equilibria. We show that conformism is not enough to have multiple equilibria: their existence depends on how the agent’s attitude depends on the behavior of the others: their existence strongly depends on how agent’s attitude towards the others depend on their choices.
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