A Theory of Fashion Based on Segmented Communication
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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