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The Economics of Imitation

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  • Sinclair, P J N

Abstract

Various reasons for imitation are considered, among them information-cost saving, calculation and decision-cost saving, strategic behavior, and externalities. Imitation can generate multiple equilibria, where self-interest and public interest diverge, imitation penalizes self-interest, but, when agents act differently, stringent conditions are required for saints, as well as villains and imitators, to survive. In organizations subject to free-riding and increasing returns, imitators increase optimum size and mean utility. The paper also studies the implications of imitative behavior in stock markets, and product markets with supply lags and ripoff/bargain seller heterogeneity. Throughout, at least a modicum of imitation is generally welfare-enhancing. Copyright 1990 by Scottish Economic Society.

Suggested Citation

  • Sinclair, P J N, 1990. "The Economics of Imitation," Scottish Journal of Political Economy, Scottish Economic Society, vol. 37(2), pages 113-144, May.
    • Handle: RePEc:bla:scotjp:v:37:y:1990:i:2:p:113-44
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    Cited by:

    1. Silvio M. Brondoni, 2012. "Ouverture de 'Innovation Management in Global Markets - 1'," Symphonya. Emerging Issues in Management, Niccolò Cusano University, issue 1 Innovat, pages 1-9.
    2. Berg, Nathan, 2008. "Imitation in location choice," MPRA Paper 26592, University Library of Munich, Germany.
    3. Panagiotis Tsolakidis & Naoum Mylonas & Eugenia Petridou, 2020. "The Impact of Imitation Strategies, Managerial and Entrepreneurial Skills on Startups’ Entrepreneurial Innovation," Economies, MDPI, vol. 8(4), pages 1-17, October.
    4. Silvio M. Brondoni, 2012. "Innovation and Imitation: Corporate Strategies for Global Competition," Symphonya. Emerging Issues in Management, Niccolò Cusano University, issue 1 Innovat, pages 10-24.
    5. Clark, Andrew E. & Oswald, Andrew J., 1998. "Comparison-concave utility and following behaviour in social and economic settings," Journal of Public Economics, Elsevier, vol. 70(1), pages 133-155, October.
    6. Theo Offerman & Jan Potters & Joep Sonnemans, 2002. "Imitation and Belief Learning in an Oligopoly Experiment," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 69(4), pages 973-997.
    7. Dimant, Eugen, 2015. "On Peer Effects: Behavioral Contagion of (Un)Ethical Behavior and the Role of Social Identity," MPRA Paper 68732, University Library of Munich, Germany.

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