Co-evolution of capabilities and preferences in the adoption of new technologies
AbstractThe 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.
Download InfoIf you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
Bibliographic InfoPaper provided by University Library of Munich, Germany in its series MPRA Paper with number 7175.
Date of creation: 15 Feb 2008
Date of revision:
Demand; Innovation; Technology Adoption; Learning;
Find related papers by JEL classification:
- D12 - Microeconomics - - Household Behavior - - - Consumer Economics: Empirical Analysis
- D83 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Search, Learning, and Information
- O33 - Economic Development, Technological Change, and Growth - - Technological Change; Research and Development; Intellectual Property Rights - - - Technological Change: Choices and Consequences; Diffusion Processes
This paper has been announced in the following NEP Reports:
- NEP-ALL-2008-02-23 (All new papers)
- NEP-CBE-2008-02-23 (Cognitive & Behavioural Economics)
- NEP-EVO-2008-02-23 (Evolutionary Economics)
You can help add them by filling out this form.
CitEc Project, subscribe to its RSS feed for this item.
- Richard Nelson & Davide Consoli, 2010.
"An evolutionary theory of household consumption behavior,"
Journal of Evolutionary Economics,
Springer, vol. 20(5), pages 665-687, October.
- Nelson, Richard & Consoli, Davide, 2010. "An Evolutionary Theory of Household Consumption Behavior," MPRA Paper 20197, University Library of Munich, Germany.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Ekkehart Schlicht).
If references are entirely missing, you can add them using this form.