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Cash and the Counter: Capabilities and Preferences in the Demand for Banking Technologies

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  • Davide Consoli

    (CRIC - Institute of Innovation Research, University of Manchester UK)

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    Abstract

    The main argument of this paper is that consumption and demand, like production, are discovery processes guided by trial-and-error and learning by consuming. The key question that is addressed is: how do consumers deal with innovation? By bringing together a number of threads within the innovation literature my claim is that consumers, akin to firms, follow routines that shape their consumption bundle, conceived here as an ensemble of activities rather than a bunch of goods. The analysis developed in the paper takes a very specific angle by elaborating on empirical evidence on the patterns of use of retail payment services in the United Kingdom to appreciate how consumption and demand can be shaped by the intertwined evolution of capabilities and preferences.

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    File URL: http://128.118.178.162/eps/io/papers/0511/0511001.pdf
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    Bibliographic Info

    Paper provided by EconWPA in its series Industrial Organization with number 0511001.

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    Length: 37 pages
    Date of creation: 08 Nov 2005
    Date of revision:
    Handle: RePEc:wpa:wuwpio:0511001

    Note: Type of Document - pdf; pages: 37
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    Web page: http://128.118.178.162

    Related research

    Keywords: Retail Banking; Innovation; Demand; Consumer Capabilities;

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    References

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    Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
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    1. Pollak, Robert A, 1970. "Habit Formation and Dynamic Demand Functions," Journal of Political Economy, University of Chicago Press, vol. 78(4), pages 745-63, Part I Ju.
    2. Poul Houman Andersen, 2003. "The Embeddedness of Selfish Routines: How Routines are Replicated in Business Networks," Industry and Innovation, Taylor & Francis Journals, vol. 10(2), pages 159-177.
    3. Davide Consoli, 2005. "Changing boundaries and structure of a technological system: lessons from UK retail banking," Development and Comp Systems 0506004, EconWPA.
    4. Richard N. Langlois & Metin M. Cosgel, 1996. "The Organization of Consumption," Working papers 1996-07, University of Connecticut, Department of Economics.
    5. Sen, Amartya K, 1973. "Behaviour and the Concept of Preference," Economica, London School of Economics and Political Science, vol. 40(159), pages 241-59, August.
    6. Davide Consoli, 2005. "Changing boundaries and structure of a technological system: lessons from UK retail banking," Industrial Organization 0506006, EconWPA.
    7. Richard N. Langlois & Nicolai J. Foss, 1996. "Capabilities and Governance the Rebirth of Production in the Theory of Economic Organization," Working papers 1996-02, University of Connecticut, Department of Economics.
    8. Richard J. Herrnstein & Drazen Prelec, 1991. "Melioration: A Theory of Distributed Choice," Journal of Economic Perspectives, American Economic Association, vol. 5(3), pages 137-156, Summer.
    9. Cowan, Robin & Cowan, William & Swann, Peter, 1997. "A model of demand with interactions among consumers," International Journal of Industrial Organization, Elsevier, vol. 15(6), pages 711-732, October.
    10. Stigler, George J & Becker, Gary S, 1977. "De Gustibus Non Est Disputandum," American Economic Review, American Economic Association, vol. 67(2), pages 76-90, March.
    11. Dosi, Giovanni, 1997. "Opportunities, Incentives and the Collective Patterns of Technological Change," Economic Journal, Royal Economic Society, vol. 107(444), pages 1530-47, September.
    12. Nelson, Richard R. & Winter, Sidney G., 1977. "In search of useful theory of innovation," Research Policy, Elsevier, vol. 6(1), pages 36-76, January.
    13. J. Stan Metcalfe & John Foster & Ronnie Ramlogan, 2006. "Adaptive economic growth," Cambridge Journal of Economics, Oxford University Press, vol. 30(1), pages 7-32, January.
    14. R. Aversi & G. Dosi & G. Fagiolo & M. Meacci & C. Olivetti, 1997. "Demand Dynamics With Socially Evolving Preferences," Working Papers ir97081, International Institute for Applied Systems Analysis.
    15. Brian J. Loasby, 2000. "Market institutions and economic evolution," Journal of Evolutionary Economics, Springer, vol. 10(3), pages 297-309.
    16. Consoli, Davide, 2005. "The dynamics of technological change in UK retail banking services: An evolutionary perspective," Research Policy, Elsevier, vol. 34(4), pages 461-480, May.
    17. Richard N. Langlois, 2000. "Knowledge, Consumption, and Endogenous Growth," Working papers 2000-02, University of Connecticut, Department of Economics.
    18. Richard R. Nelson & Sidney G. Winter, 2002. "Evolutionary Theorizing in Economics," Journal of Economic Perspectives, American Economic Association, vol. 16(2), pages 23-46, Spring.
    19. Davies, Andrew, 1996. "Innovation in Large Technical Systems: The Case of Telecommunications," Industrial and Corporate Change, Oxford University Press, vol. 5(4), pages 1143-80.
    20. Consoli, Davide, 2005. "Technological cooperation and product substitution in UK retail banking: the case of customer services," Information Economics and Policy, Elsevier, vol. 17(2), pages 199-215, March.
    21. Antonelli, Cristiano, 2001. "The Microeconomics of Technological Systems," OUP Catalogue, Oxford University Press, number 9780199245536.
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