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Complex dynamics in fashion life cycles

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  • Hofman, Bert
  • Rauscher, Michael

Abstract

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.

Suggested Citation

  • Hofman, Bert & Rauscher, Michael, 1991. "Complex dynamics in fashion life cycles," Kiel Working Papers 486, Kiel Institute for the World Economy (IfW Kiel).
    • Handle: RePEc:zbw:ifwkwp:486
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    References listed on IDEAS

    as
    1. Layard, Richard, 1980. "Human Satisfactions and Public Policy," Economic Journal, Royal Economic Society, vol. 90(363), pages 737-750, December.
    2. 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.
    3. Jess Benhabib & Richard H. Day, 1981. "Rational Choice and Erratic Behaviour," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 48(3), pages 459-471.
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