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We study consumption behaviour in systems with heterogeneous interactingagents. Two different models are introduced, respectively with long and shortrange interactions among agents. At any time step an agent decides whether ornot to consume a good, doing so if this provides positive utility. Utility isaffected by idiosyncratic preferences and costs as well as externalities fromother agents. Agents are ranked in classes and recognize peer, distinction andaspiration groups. We simulate the system for different choices of theparameters and identify different complex patterns: a steady state regime witha variety of consumption modes of behaviour, and a wave/cycle regime. The casesof fad and value goods are both analyzed.

Patterns of Consumption in Socio-Economic Models with Heterogeneous Interacting Agents