EMULATION, PREVENTION AND SOCIAL INTERACTION IN CONSUMPTION DYNAMICS

Francisco Fatás‐Villafranca, Dulce Saura and Francisco J. Vázquez
Authors registered in the RePEc Author Service: Francisco Fatas-Villafranca

Metroeconomica, 2007, vol. 58, issue 4, 582-608

Abstract: In this paper we show that the role of diversity, local interactions and global endogenous change at the level of social standards might be crucial in understanding the evolution of consumption patterns in modern economies. We propose an evolutionary model from which consumption dynamics can be analyzed as global properties emerging from the endogenous transformation of a society inhabited by boundedly rational interactive consumers. This work aspires to take a modest step forward in the direction of an evolutionary theory of demand change.

Date: 2007
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https://doi.org/10.1111/j.1467-999X.2007.00282.x

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