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A note on fashion cycles, novelty and conformity

Author

Listed:
  • Federica Alberti

    (Max Planck Institute of Economics, Jena)

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.

Suggested Citation

  • Federica Alberti, 2013. "A note on fashion cycles, novelty and conformity," Jena Economics Research Papers 2013-019, Friedrich-Schiller-University Jena.
    • Handle: RePEc:jrp:jrpwrp:2013-019
    as

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    File URL: https://oweb.b67.uni-jena.de/Papers/jerp2013/wp_2013_019.pdf
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    References listed on IDEAS

    as
    1. Pesendorfer, Wolfgang, 1995. "Design Innovation and Fashion Cycles," American Economic Review, American Economic Association, vol. 85(4), pages 771-792, September.
    2. Samuelson, William & Zeckhauser, Richard, 1988. "Status Quo Bias in Decision Making," Journal of Risk and Uncertainty, Springer, vol. 1(1), pages 7-59, March.
    3. Robinson, Dwight E., 1963. "The Importance of Fashions in Taste to Business History: An Introductory Essay," Business History Review, Cambridge University Press, vol. 37(1-2), pages 5-36, April.
    4. Frijters, Paul, 1998. "A model of fashions and status," Economic Modelling, Elsevier, vol. 15(4), pages 501-517, October.
    5. Coelho, Philip R P & McClure, James E, 1993. "Toward an Economic Theory of Fashion," Economic Inquiry, Western Economic Association International, vol. 31(4), pages 595-608, October.
    6. Becker, Gary S & Murphy, Kevin M, 1988. "A Theory of Rational Addiction," Journal of Political Economy, University of Chicago Press, vol. 96(4), pages 675-700, August.
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    More about this item

    Keywords

    Novelty; Conformity; Fashion;
    All these keywords.

    JEL classification:

    • B5 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches
    • L1 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance
    • D1 - Microeconomics - - Household Behavior

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