Fashion and Homophily
Fashion and Homophily
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DOI:
10.2139/ssrn.2250898
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发表时间:
2013-04
期刊:
影响因子:
--
通讯作者:
Boyu Zhang;Zhigang Cao;C. Qin;Xiaoguang Yang
中科院分区:
文献类型:
--
作者:
Boyu Zhang;Zhigang Cao;C. Qin;Xiaoguang Yang
We analyze a model of evolution of fashion based on a social network game, to be referred to as a fashion game. Each agent in this model is either a conformist or a rebel. A conformist prefers to take the action that is most common among her neighboring agents, whereas a rebel prefers the opposite. When there is only one type of agents, the fashion game possesses an exact potential function and, thus, fashion cycles are unlikely to emerge. This confirms the insightful observation of Simmel (1904) that the heterogeneity of consumers is essential to the emergence of fashion cycles. However, the population composition is not so important. What matters is a more subtle structure factor called the homophily index. Our main finding is that a higher homophily index generally inhibits the emergence of fashion cycles. This is established through the potential analysis, the partial potential analysis, and the stability analysis of a system of ordinary differential equations that is transformed from the stochastic best response dynamic of the fashion game by applying mean-field approximations and the diffusion approximation. In particular, the partial potential analysis is introduced in this paper as an extension of the seminal potential analysis.