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Market Diffusion with Consumer-Based Bilateral Learning

  • Hiroshi Kitamura

    ()

    (Faculty of Economics, Sapporo Gakuin University)

  • Akira Miyaoka

    ()

    (Graduate School of Economics, Osaka University)

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    This paper analyzes the market diffusion of a new product whose quality is uncertain. Consumers learn the product quality by observing the history of market outcomes. Firms cannot observe how consumers evaluate the product quality; instead, they learn by observing consumer behavior. New entry occurs gradually because of informational externalities. This dual uncertainty contributes to an S-shaped diffusion of the new product with declining prices.

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    File URL: http://www2.econ.osaka-u.ac.jp/library/global/dp/0913R.pdf
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    Paper provided by Osaka University, Graduate School of Economics and Osaka School of International Public Policy (OSIPP) in its series Discussion Papers in Economics and Business with number 09-13-Rev.

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    Length: 28 pages
    Date of creation: May 2009
    Date of revision: Sep 2011
    Handle: RePEc:osk:wpaper:0913r
    Contact details of provider: Web page: http://www.econ.osaka-u.ac.jp/
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    1. Dirk Bergemann & Juuso Valimaki, 1996. "Market Diffusion with Two-Sided Learning," Cowles Foundation Discussion Papers 1138, Cowles Foundation for Research in Economics, Yale University.
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