This paper extends choice theory by allowing for the interaction between cognitive costs and imitative dynamics. The authors experimentally investigate the role of imitation when participants face a task which is costly in cognitive terms. In order to disentangle different choice dynamics, they...

One of the many paradoxes of fashions is that consumers’ choices change rapidly and with an astonishing degree of synchronization. What is successful or socially acceptable in one period is considered the opposite in the next. This paradox has brought economists and other social scientists to...