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Co-evolution of capabilities and preferences in the adoption of new technologies

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  • Consoli, Davide

Abstract

The objective of this paper is to propose a multidisciplinary approach for the analysis of demand and innovation. It combines insights from studies on technology diffusion, evolutionary economics and cognitive psychology to argue that consumption and demand are learning processes driven by trial-and-error, rather than by ex-ante maximization. The paper presents a heuristic synthesis to incorporate learning processes in the determination of consumption preferences and capabilities. The case of banking service innovation in the UK is presented as an illustrative example of the outlined dynamics.

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File URL: http://mpra.ub.uni-muenchen.de/7175/
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Bibliographic Info

Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 7175.

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Date of creation: 15 Feb 2008
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Handle: RePEc:pra:mprapa:7175

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Keywords: Demand; Innovation; Technology Adoption; Learning;

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Cited by:
  1. Richard Nelson & Davide Consoli, 2010. "An evolutionary theory of household consumption behavior," Journal of Evolutionary Economics, Springer, vol. 20(5), pages 665-687, October.

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