Temzelides, Ted - In: Review of Economic Dynamics 12 (2009) 4, pp. 668-677
improved if a payoff-irrelevant variable which we term "fashion" is introduced. Informed agents choose to adopt fashion as a … signaling device. If success in matching is observed, other agents can imitate the signal. Thus, for fashion to be useful, it … must constantly change. If there are more than two types of agents, both "high" and "low" fashion are needed to facilitate …