Complex dynamics in fashion life cycles
Fashions and their revivals occur in a rather erratic manner. The paper shows that such fluctuations can be derived from the utility maximizing behaviour of rational individuals with stable preferences. It is assumed that the demand for the fashion good is determined, amongst other variables, by the social environment the individual is living in. There are positive and negative consumption externalities. If there are lags in the reaction of the individual to what other people do, then the demand for fashion goods may fluctuate over time. For certain parameter constellations, there may even be deterministic chaos.
|Date of creation:||1991|
|Date of revision:|
|Contact details of provider:|| Postal: |
Phone: +49 431 8814-1
Fax: +49 431 85853
Web page: http://www.ifw-kiel.de
More information through EDIRC
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Layard, Richard, 1980. "Human Satisfactions and Public Policy," Economic Journal, Royal Economic Society, vol. 90(363), pages 737-50, December.
- 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.
- Benhabib, Jess & Day, Richard H, 1981. "Rational Choice and Erratic Behaviour," Review of Economic Studies, Wiley Blackwell, vol. 48(3), pages 459-71, July.
When requesting a correction, please mention this item's handle: RePEc:kie:kieliw:486. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Dieter Stribny)
If references are entirely missing, you can add them using this form.