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A Theory of Fashion Based on Segmented Communication

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Author Info
Giacomo Corneo (University of Bonn)
Olivier Jeanne (ENPC-CERAS)

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Abstract

Fashion is a popular style of behavior at a given time or place. In this paper we model fashion as a dynamic phenomenon, characterized by fragility of mass behvior and life cycles. Conformity of behavior is generated by a consumption externality, while the typical intertemporal aspects of fashion are the outcome of segmented communication: knowledge about available actions is imperfect and there exists social segregation in the way knowledge is generated and transmitted. The proposed approach is consistent with views of sociologists and marketing experts about fashion.

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File URL: ftp://web.bgse.uni-bonn.de/pub/RePEc/bon/bonsfa/bonsfa462.ps
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Publisher Info
Paper provided by University of Bonn, Germany in its series Discussion Paper Serie A with number 462.

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Date of creation: Dec 1994
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Handle: RePEc:bon:bonsfa:462

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Postal: Bonn Graduate School of Economics, University of Bonn, Adenauerallee 24 - 26, 53113 Bonn, Germany
Fax: +49 228 73 9221
Web page: http://www.bgse.uni-bonn.de/index.php?id=517

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Related research
Keywords: collective behavior; fashion cycles; communication;

Find related papers by JEL classification:
D11 - Microeconomics - - Household Behavior - - - Consumer Economics: Theory
M30 - Business Administration and Business Economics; Marketing; Accounting - - Marketing and Advertising - - - General

References listed on IDEAS
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  1. Karni, Edi & Schmeidler, David, 1990. "Fixed Preferences and Changing Tastes," American Economic Review, American Economic Association, vol. 80(2), pages 262-67, May. [Downloadable!] (restricted)
  2. Frank, Robert H, 1985. "The Demand for Unobservable and Other Nonpositional Goods," American Economic Review, American Economic Association, vol. 75(1), pages 101-16, March. [Downloadable!] (restricted)
  3. Stigler, George J & Becker, Gary S, 1977. "De Gustibus Non Est Disputandum," American Economic Review, American Economic Association, vol. 67(2), pages 76-90, March.
  4. Banerjee, Abhijit V, 1993. "The Economics of Rumours," Review of Economic Studies, Blackwell Publishing, vol. 60(2), pages 309-27, April. [Downloadable!] (restricted)
  5. George A. Akerlof, 1978. "A theory of social custom, of which unemployment may be one consequence," Special Studies Papers 118, Board of Governors of the Federal Reserve System (U.S.).
    Other versions:
  6. Wolfgang Pesendorfer, 1993. "Design Innovation and Fashion Cycles," Discussion Papers 1049, Northwestern University, Center for Mathematical Studies in Economics and Management Science. [Downloadable!]
    Other versions:
  7. Bikhchandani, Sushil & Hirshleifer, David & Welch, Ivo, 1992. "A Theory of Fads, Fashion, Custom, and Cultural Change in Informational Cascades," Journal of Political Economy, University of Chicago Press, vol. 100(5), pages 992-1026, October. [Downloadable!] (restricted)
  8. Karni, Edi & Levin, Dan, 1994. "Social Attributes and Strategic Equilibrium: A Restaurant Pricing Game," Journal of Political Economy, University of Chicago Press, vol. 102(4), pages 822-40, August. [Downloadable!] (restricted)
  9. Becker, Gary S, 1991. "A Note on Restaurant Pricing and Other Examples of Social Influences on Price," Journal of Political Economy, University of Chicago Press, vol. 99(5), pages 1109-16, October. [Downloadable!] (restricted)
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  10. Coelho, Philip R P & McClure, James E, 1993. "Toward an Economic Theory of Fashion," Economic Inquiry, Oxford University Press, vol. 31(4), pages 595-608, October.
  11. Banerjee, Abhijit V, 1992. "A Simple Model of Herd Behavior," The Quarterly Journal of Economics, MIT Press, vol. 107(3), pages 797-817, August. [Downloadable!] (restricted)
  12. Matsuyama, K., 1992. "Custom Versus Fashion: Path-Dependence and Limit Cycles in a Random Matching Game," Papers e-92-11, Stanford - Hoover Institution.
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