Apply the concept of adverse selection to explain the circles of fashion and style.
Fashionworks as a signal. Rich people initiate a fashion to distinguish themselves,but they are imitated by middle class, and the middle class by the lower class.The upper class keeps inventing new fashions. People seem to follow the rule“Try to look like the people above you; if you’re at the top, try to lookdifferent from the people below you” (Quentin Bell, On Human Finery,London, Allison & Busby, 1992, cited by Pinker, 1997, p. 501).
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