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Fashion Statement

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Author Info
Ted Temzelides (Rice University)
Abstract

We study bilateral matching under private information about agents' characteristics. Assortative matching is the only equilibrium outcome in the absence of private information. When an information friction is present, the matching process can be improved if a payoff-irrelevant variable which we term "fashion" is introduced. Informed agents choose to adopt fashion as a signaling device. If success in matching is observed, other agents can imitate the signal. Thus, for fashion to be useful, it must constantly change. If there are more than two types of agents, both "high" and "low" fashion are needed to facilitate assortative matching. (Copyright: Elsevier)

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File URL: http://dx.doi.org/10.1016/j.red.2009.02.005
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Publisher Info
Article provided by Elsevier for the Society for Economic Dynamics in its journal Review of Economic Dynamics.

Volume (Year): 12 (2009)
Issue (Month): 4 (October)
Pages: 668-677
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Handle: RePEc:red:issued:07-105

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Related research
Keywords: Fashion; Private information; Matching;

Find related papers by JEL classification:
D83 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Search, Learning, and Information
D9 - Microeconomics - - Intertemporal Choice and Growth

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This page was last updated on 2009-12-7.

This information is provided to you by IDEAS at the Department of Economics, College of Liberal Arts and Sciences, University of Connecticut using RePEc data on a server sponsored by the Society for Economic Dynamics.