Fashion and wealth accumulation
type: Item
instance of: scholarly article
title: Fashion and wealth accumulation
zbMATH Open document ID: 0954.91029
published in: Economic Theory
publication date: 2001-02-09T00:00:00Z
review text: This paper considers an economy with two groups of agents and models fashion as an externality generated by a dependence of individual agents' time preference on the two groups' per-capita consumption habits. In contrast to the earlier models of time preference, this paper postulates that an agent's discount rate depends only on per-capita consumption habits rather than on the agent's own consumption or habit. It is shown that stronger and more persistent fashion is more likely to generate limit cycles in wealth.
reviewed by: Srinivas Raghava Mohan
Mathematics Subject Classification ID: 91B42
zbMATH DE Number: 1347760
zbMATH Keywords: fashion
zbMATH Keywords: habits
zbMATH Keywords: limit cycles
zbMATH Keywords: wealth accumulation
author: Shou Yong Shi
MaRDI profile type: Publication
full work available at URL: s001990050303
OpenAlex ID: W1985323399
DOI: 10.1007/S001990050303
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description: scientific article; zbMATH DE number 1347760