Socializing, Shared Experience and Popular Culture
We argue that socializing is an important economic activity because it is vital to our well being, and that an important input into the activity of socializing is the set of experiences that is shared by the participants. Clearly, a person's experiences are generated, in part, by standard economic choices, and therefore the set of shared experiences in any social encounter is driven by the prior economic choices of individual participants. One implication is that these prior choices are not purely private since the utility that individual participants derive from a social encounter is linked to them. Our model of this link provides an explanation of a number of interesting phenomena, including certain sorts of conformity, the domination of one culture by another, and the existence of superstars.
|Date of creation:||2000|
|Date of revision:||May 2000|
|Contact details of provider:|| Postal: Department of Economics, Simon Fraser University, 8888 University Drive, Burnaby, BC, V5A 1S6, Canada|
Web page: http://www.sfu.ca/economics.html
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"A Theory of Fads, Fashion, Custom, and Cultural Change in Informational Cascades,"
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- Sushil Bikhchandani & David Hirshleifer & Ivo Welch, 2010. "A theory of Fads, Fashion, Custom and cultural change as informational Cascades," Levine's Working Paper Archive 1193, David K. Levine.
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- Sushil Bikhchandani & David Hirshleifer & Ivo Welch, 1998. "Learning from the Behavior of Others: Conformity, Fads, and Informational Cascades," Journal of Economic Perspectives, American Economic Association, vol. 12(3), pages 151-170, Summer.
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