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Abstract

In this paper we generalize the heterogeneous risk adverse agents model of diffusion of new products in a multi-firm, heterogeneous and interacting agents environment. We use a model of choice under uncertainty based on Bayesian theory. We discuss the possibility of product failures, the set of equilibria, their stability and some welfare properties.

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File URL: http://mpra.ub.uni-muenchen.de/15120/
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Bibliographic Info

Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 15120.

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Date of creation: 08 Jan 2009
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Handle: RePEc:pra:mprapa:15120

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Web page: http://mpra.ub.uni-muenchen.de
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Related research

Keywords: Product diffusion; Risk aversion; Lock-in; Monopolistic competition; Multiple equilibria;

Other versions of this item:

Find related papers by JEL classification:

• D81 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Criteria for Decision-Making under Risk and Uncertainty
• O33 - Economic Development, Technological Change, and Growth - - Technological Change; Research and Development; Intellectual Property Rights - - - Technological Change: Choices and Consequences; Diffusion Processes
• L15 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance - - - Information and Product Quality

This paper has been announced in the following NEP Reports:

• NEP-ALL-2009-05-16 (All new papers)
• NEP-MIC-2009-05-16 (Microeconomics)
• NEP-UPT-2009-05-16 (Utility Models & Prospect Theory)

References

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1. Geroski, P. A., 2000. "Models of technology diffusion," Research Policy, Elsevier, vol. 29(4-5), pages 603-625, April.
   
   • Geroski, Paul A, 1999. "Models of Technology Diffusion," CEPR Discussion Papers 2146, C.E.P.R. Discussion Papers.
2. repec:oxf:wpaper:303 is not listed on IDEAS
3. Aoki, Masanao & Yoshikawa, Hiroshi, 2002. "Demand saturation-creation and economic growth," Journal of Economic Behavior & Organization, Elsevier, vol. 48(2), pages 127-154, June.
4. Tsur, Yacov & Sternberg, Menachem & Hochman, Eithan, 1990. "Dynamic Modelling of Innovation Process Adoption with Risk Aversion and Learning," Oxford Economic Papers, Oxford University Press, vol. 42(2), pages 336-55, April.
5. Dirk Bergemann & Juuso Valimaki, 1996. "Market Diffusion with Two-Sided Learning," Cowles Foundation Discussion Papers 1138, Cowles Foundation for Research in Economics, Yale University.
   
   • Dirk Bergemann & Juuso Valimaki, 1997. "Market Diffusion with Two-Sided Learning," RAND Journal of Economics, The RAND Corporation, vol. 28(4), pages 773-795, Winter.
6. Dixit, Avinash K & Stiglitz, Joseph E, 1975. "Monopolistic Competition and Optimum Product Diversity," The Warwick Economics Research Paper Series (TWERPS) 64, University of Warwick, Department of Economics.
   
   • Dixit, Avinash K & Stiglitz, Joseph E, 1977. "Monopolistic Competition and Optimum Product Diversity," American Economic Review, American Economic Association, vol. 67(3), pages 297-308, June.
7. Francesco Bogliacino & Giorgio Rampa, 2009. "Quality Risk Aversion, Conjectures, and New Product Diffusion," Quaderni di Dipartimento 092, University of Pavia, Department of Economics and Quantitative Methods.
   
   • Francesco Bogliacino & Giorgio Rampa, 2012. "Quality risk aversion, conjectures, and new product diffusion," Journal of Evolutionary Economics, Springer, vol. 22(5), pages 1081-1115, November.
   • Francesco Bogliacino & Giorgio Rampa, 2009. "Quality Risk Aversion, Conjectures, and New Product Diffusion," EERI Research Paper Series EERI_RP_2009_27, Economics and Econometrics Research Institute (EERI), Brussels.
8. Cowan, Robin & Jonard, Nicolas, 2004. "Network structure and the diffusion of knowledge," Journal of Economic Dynamics and Control, Elsevier, vol. 28(8), pages 1557-1575, June.
   
   • Cowan,Robin & Jonard,Nicolas, 1999. "Network Structure and the Diffusion of Knowledge," Research Memoranda 026, Maastricht : MERIT, Maastricht Economic Research Institute on Innovation and Technology.
9. Jensen, Richard, 1982. "Adoption and diffusion of an innovation of uncertain profitability," Journal of Economic Theory, Elsevier, vol. 27(1), pages 182-193, June.
10. Paolo Bertoletti & Paolo Epifani, 2012. "Monopolistic Competition: CES Redux?," DEM Working Papers Series 004, University of Pavia, Department of Economics and Management.
11. Richard R Nelson & Alexander Peterhansl & Bhaven Sampat, 2004. "Why and how innovations get adopted: a tale of four models," Industrial and Corporate Change, Oxford University Press, vol. 13(5), pages 679-699, October.
12. Tatsuo Yanagita & Tamotsu Onozaki, 2008. "Dynamics of a market with heterogeneous learning agents," Journal of Economic Interaction and Coordination, Springer, vol. 3(1), pages 107-118, June.
13. Lionel W. McKenzie, 2005. "Classical General Equilibrium Theory," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262633302.
14. Sushil Bikhchandani & David Hirshleifer & Ivo Welch, 2010. "A theory of Fads, Fashion, Custom and cultural change as informational Cascades," Levine's Working Paper Archive 1193, David K. Levine.
    
    • Bikhchandani, Sushil & Hirshleifer, David & Welch, Ivo, 1992. "A Theory of Fads, Fashion, Custom, and Cultural Change in Informational Cascades," Journal of Political Economy, University of Chicago Press, vol. 100(5), pages 992-1026, October.
15. Cowan, R. & Jonard, N., 2003. "The dynamics of collective invention," Journal of Economic Behavior & Organization, Elsevier, vol. 52(4), pages 513-532, December.
    
    • Cowan,Robin & Jonard,Nicolas, 2000. "The Dynamics of Collective Invention," Research Memoranda 018, Maastricht : MERIT, Maastricht Economic Research Institute on Innovation and Technology.

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Cited by:

1. Francesco Bogliacino & Giorgio Rampa, 2012. "Quality risk aversion, conjectures, and new product diffusion," Journal of Evolutionary Economics, Springer, vol. 22(5), pages 1081-1115, November.
   
   • Francesco Bogliacino & Giorgio Rampa, 2009. "Quality Risk Aversion, Conjectures, and New Product Diffusion," Quaderni di Dipartimento 092, University of Pavia, Department of Economics and Quantitative Methods.
   • Francesco Bogliacino & Giorgio Rampa, 2009. "Quality Risk Aversion, Conjectures, and New Product Diffusion," EERI Research Paper Series EERI_RP_2009_27, Economics and Econometrics Research Institute (EERI), Brussels.
2. Giorgio Rampa & Francesco Bogliacino, 2012. "Expectational Bottlenecks and the Emerging of New Organizational Forms," Quaderni di Dipartimento 159, University of Pavia, Department of Economics and Quantitative Methods.

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