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Innovative cardiological technologies: a model of technology adoption, diffusion and competition

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  • Thomas Grebel
  • Tom Wilfer

Abstract

Technology diffusion of medical innovations is a complex evolutionary process. The specificities on the demand as well as on the supply side have a crucial impact on their diffusion paths. This paper aims to investigate the diffusion process of two competing innovative technologies in the health care sector. The case of percutaneous aortic valve replacement in heart medicine serves as an example. A simple model illustrates the decision-making process of adopters and suppliers that shape the evolution of a new market. Thereby, network externalities and individual learning bias the market outcome such as increasing returns to adoption and may lead to technological 'lock-ins'.

Suggested Citation

  • Thomas Grebel & Tom Wilfer, 2010. "Innovative cardiological technologies: a model of technology adoption, diffusion and competition," Economics of Innovation and New Technology, Taylor & Francis Journals, vol. 19(4), pages 325-347.
    • Handle: RePEc:taf:ecinnt:v:19:y:2010:i:4:p:325-347
    DOI: 10.1080/10438590802482019
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    References listed on IDEAS

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    1. Jovanovic, Boyan & Nyarko, Yaw, 1996. "Learning by Doing and the Choice of Technology," Econometrica, Econometric Society, vol. 64(6), pages 1299-1310, November.
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    Cited by:

    1. Thomas Grebel, 2011. "Innovation and Health," Books, Edward Elgar Publishing, number 14375, August.
    2. Spyros Arvanitis & Euripidis N. Loukis, 2014. "Investigating the effects of ICT on innovation and performance of European hospitals," KOF Working papers 14-366, KOF Swiss Economic Institute, ETH Zurich.
    3. Barros Pedro Pita & Martinez-Giralt Xavier, 2015. "Technological Adoption in Health Care – The Role of Payment Systems," The B.E. Journal of Economic Analysis & Policy, De Gruyter, vol. 15(2), pages 709-745, April.

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