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A note on fashion cycles, novelty and conformity

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  • Federica Alberti

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    (Max Planck Institute of Economics, Jena)

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    Abstract

    We develop a model in which novelty and conformity motivate fashion behavior.Fashion cycles occur if conformity is not too high. The duration of fashion cycles depends on individual-specific conformity, novelty, and the number of available styles. The use of individual-specific novelty and conformity allows us to also identify fashion leaders.

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    File URL: http://pubdb.wiwi.uni-jena.de/pdf/wp_2013_019.pdf
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    Bibliographic Info

    Paper provided by Friedrich-Schiller-University Jena, Max-Planck-Institute of Economics in its series Jena Economic Research Papers with number 2013-019.

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    Date of creation: 24 Apr 2013
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    Handle: RePEc:jrp:jrpwrp:2013-019

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    Keywords: Novelty; Conformity; Fashion;

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    1. Coelho, Philip R P & McClure, James E, 1993. "Toward an Economic Theory of Fashion," Economic Inquiry, Western Economic Association International, Western Economic Association International, vol. 31(4), pages 595-608, October.
    2. Frijters, Paul, 1998. "A model of fashions and status," Economic Modelling, Elsevier, Elsevier, vol. 15(4), pages 501-517, October.
    3. Gary S. Becker & Kevin M. Murphy, 1986. "A Theory of Rational Addiction," University of Chicago - George G. Stigler Center for Study of Economy and State, Chicago - Center for Study of Economy and State 41, Chicago - Center for Study of Economy and State.
    4. Samuelson, William & Zeckhauser, Richard, 1988. " Status Quo Bias in Decision Making," Journal of Risk and Uncertainty, Springer, Springer, vol. 1(1), pages 7-59, March.
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