Oh, sorry, I wasn’t saying fashion is a money pump, just noting that it’s a problem for agents who’s preferences change with the passage of time; just like needing to purchase food is something most people would avoid, if possible.
Fashion isn’t so much about changing preferences as people engaging in signaling games.
True. The problem exists, though, even if the example isn’t a terminal preference.
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Oh, sorry, I wasn’t saying fashion is a money pump, just noting that it’s a problem for agents who’s preferences change with the passage of time; just like needing to purchase food is something most people would avoid, if possible.
Fashion isn’t so much about changing preferences as people engaging in signaling games.
True. The problem exists, though, even if the example isn’t a terminal preference.