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Fashion, novelty and optimality: an application from Physics

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  • Galam, Serge
  • Vignes, Annick

Abstract

We apply a physical-based model to describe the clothes fashion market. Every time a new outlet appears on the market, it can invade the market under certain specific conditions. Hence, the “old” outlet can be completely dominated and disappears. Each creator competes for a finite population of agents. Fashion phenomena are shown to result from a collective phenomenon produced by local individual imitation effects. We assume that, in each step of the imitation process, agents only interact with a subset rather than with the whole set of agents. People are actually more likely to influence (and be influenced by) their close “neighbors”. Accordingly, we discuss which strategy is best fitted for new producers when people are either simply organized into anonymous reference groups or when they are organized in social groups hierarchically ordered. While counterfeits are shown to reinforce the first strategy, creating social leaders can permit to avoid them.

Suggested Citation

  • Galam, Serge & Vignes, Annick, 2005. "Fashion, novelty and optimality: an application from Physics," Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 351(2), pages 605-619.
    • Handle: RePEc:eee:phsmap:v:351:y:2005:i:2:p:605-619
    DOI: 10.1016/j.physa.2004.12.023
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    References listed on IDEAS

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    1. Galam, Serge, 2004. "Sociophysics: a personal testimony," Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 336(1), pages 49-55.
    2. William A. Brock & Steven N. Durlauf, 1995. "Discrete Choice with Social Interactions I: Theory," NBER Working Papers 5291, National Bureau of Economic Research, Inc.
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    Cited by:

    1. Grabisch, Michel & Poindron, Alexis & Rusinowska, Agnieszka, 2019. "A model of anonymous influence with anti-conformist agents," Journal of Economic Dynamics and Control, Elsevier, vol. 109(C).
    2. Martins, André C.R. & Pereira, Carlos de B. & Vicente, Renato, 2009. "An opinion dynamics model for the diffusion of innovations," Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 388(15), pages 3225-3232.
    3. Sebastian Goncalves & M. F. Laguna & J. R. Iglesias, 2012. "Why, when, and how fast innovations are adopted," Papers 1208.2589, arXiv.org.
    4. Shin, J.K., 2010. "Tipping news in information accumulation system," Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 389(10), pages 2118-2126.
    5. Barreira da Silva Rocha, André, 2013. "Evolutionary dynamics of nationalism and migration," Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 392(15), pages 3183-3197.
    6. Pérez-Llanos, Mayte & Pinasco, Juan Pablo & Saintier, Nicolas, 2020. "Opinion attractiveness and its effect in opinion formation models," Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 559(C).
    7. Estrada, Fernando, 2010. "Los mercados de opinión pública [The markets of public opinion]," MPRA Paper 20161, University Library of Munich, Germany.
    8. Piotr Przybyła & Katarzyna Sznajd-Weron & Rafał Weron, 2014. "Diffusion Of Innovation Within An Agent-Based Model: Spinsons, Independence And Advertising," Advances in Complex Systems (ACS), World Scientific Publishing Co. Pte. Ltd., vol. 17(01), pages 1-22.
    9. Andrea Ellero & Giovanni Fasano & Annamaria Sorato, 2008. "A Modified Galam's Model," Working Papers 180, Department of Applied Mathematics, Università Ca' Foscari Venezia.
    10. Ellero, Andrea & Fasano, Giovanni & Sorato, Annamaria, 2009. "A modified Galam’s model for word-of-mouth information exchange," Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 388(18), pages 3901-3910.

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