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

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

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Consoli, Davide

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Davide Consoli

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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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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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 - - - 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)

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This page was last updated on 2008-7-26.

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