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Reputation, public information, and physician adoption of an innovation

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  • J. G. Smythe

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    Abstract

    A dynamic expected utility framework is developed to explore the timing and extent of a physician’s adoption of an innovation. The benefits to adoption are uncertain, although an informative public information signal is released with some delay and possibly some inaccuracy. Improvements to the accuracy of the signal do not necessarily cause risk-averse physicians to scale back adoption prior to the signal’s release — if physicians are confident enough in the innovation’s worth, they may accelerate early adoption in order to capture an earlymover advantage in reputation building. Copyright Springer-Verlag Berlin Heidelberg 2002

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    File URL: http://hdl.handle.net/10.1007/s10198-002-0099-4
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    Bibliographic Info

    Article provided by Springer in its journal The European Journal of Health Economics.

    Volume (Year): 3 (2002)
    Issue (Month): 2 (June)
    Pages: 103-110

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    Handle: RePEc:spr:eujhec:v:3:y:2002:i:2:p:103-110

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    Related research

    Keywords: Adoption; Innovation; Physicians; Uncertainty; Public information;

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    1. Jovanovic, Boyan & MacDonald, Glenn M, 1994. "Competitive Diffusion," Journal of Political Economy, University of Chicago Press, vol. 102(1), pages 24-52, February.
    2. Kevin F. McCardle, 1985. "Information Acquisition and the Adoption of New Technology," Management Science, INFORMS, vol. 31(11), pages 1372-1389, November.
    3. Reinganum, Jennifer F, 1981. "On the Diffusion of New Technology: A Game Theoretic Approach," Review of Economic Studies, Wiley Blackwell, vol. 48(3), pages 395-405, July.
    4. Herman C. Quirmbach, 1986. "The Diffusion of New Technology and the Market for an Innovation," RAND Journal of Economics, The RAND Corporation, vol. 17(1), pages 33-47, Spring.
    5. Jensen, Richard, 1982. "Adoption and diffusion of an innovation of uncertain profitability," Journal of Economic Theory, Elsevier, vol. 27(1), pages 182-193, June.
    6. De Jaegher, Kris & Jegers, Marc, 2000. "A model of physician behaviour with demand inducement," Journal of Health Economics, Elsevier, vol. 19(2), pages 231-258, March.
    7. Jean Tirole, 1988. "The Theory of Industrial Organization," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262200716, December.
    8. Rochaix, Lise, 1989. "Information asymmetry and search in the market for physicians' services," Journal of Health Economics, Elsevier, vol. 8(1), pages 53-84, March.
    9. Stoneman, P, 1981. "Intra-Firm Diffusion, Bayesian Learning and Profitability," Economic Journal, Royal Economic Society, vol. 91(362), pages 375-88, June.
    10. Romeo, Anthony A, 1975. "Interindustry and Interfirm Differences in the Rate of Diffusion of an Innovation," The Review of Economics and Statistics, MIT Press, vol. 57(3), pages 311-19, August.
    11. Stoneman, P & Ireland, N J, 1983. "The Role of Supply Factors in the Diffusion of New Process Technology," Economic Journal, Royal Economic Society, vol. 93(369a), pages 66-78, Supplemen.
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