Abstract
ABSTRACTWe extend the exchange economy evolutionary discrete-time model with heterogeneous agents introduced in ‘Fashion cycle dynamics in a model with endogenous discrete evolution of heterogeneous preferences’, by A. Naimzada and M. Pireddu, appeared in Chaos: An Interdisciplinary Journal of Nonlinear Science 28, 055907 (2018), by considering generic bell-shaped attractiveness functions for the two groups of agents, increasing for low visibility levels, but decreasing when the visibility of the group exceeds a given threshold value, due to a congestion effect. The reproduction level of a group is related to its attractiveness degree, which depends on its social visibility level, determined by the consumption choices of the agents in that group. We investigate the asymptotic heterogeneity among agents, finding that the global dynamics may differ according to the chosen functional form for the attractiveness. Nonetheless, the model is still able to reproduce the recurrent dynamic behaviour typical of the fashion cycle.
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