TY - JOUR
T1 - Waves in Consumption with Interdependence among Consumers
AU - Cowan, R.
AU - Cowan, W.
AU - Swann, P.
PY - 2004/1/1
Y1 - 2004/1/1
N2 - En in this paper we model the development of consumption when there are interactions between consumers. The consumer recognizes three reference groups: peer, distinction, and aspiration. The interplay of aspiration and distinction can lead to ‘waves’ in consumption; for example, the avant-garde consumption of up-market pioneers is copied by other types of consumer. As the latter aspire to emulate the former, the former seek distinction by varying their consumption. A consumption activity may start up market, then gradually descend the social spectrum. More complex patterns with continuing cycles in consumption can also be found. Jel classification d11,d62.
AB - En in this paper we model the development of consumption when there are interactions between consumers. The consumer recognizes three reference groups: peer, distinction, and aspiration. The interplay of aspiration and distinction can lead to ‘waves’ in consumption; for example, the avant-garde consumption of up-market pioneers is copied by other types of consumer. As the latter aspire to emulate the former, the former seek distinction by varying their consumption. A consumption activity may start up market, then gradually descend the social spectrum. More complex patterns with continuing cycles in consumption can also be found. Jel classification d11,d62.
U2 - 10.1111/j.0008-4085.2004.008_1.x
DO - 10.1111/j.0008-4085.2004.008_1.x
M3 - Article
SN - 0008-4085
VL - 37
SP - 149
EP - 177
JO - Canadian Journal of Economics-Revue Canadienne d'Economique
JF - Canadian Journal of Economics-Revue Canadienne d'Economique
IS - 1
ER -