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

Davide Consoli

MPRA Paper from University Library of Munich, Germany

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.

Keywords: Demand; Innovation; Technology Adoption; Learning (search for similar items in EconPapers)
JEL-codes: D12 D83 O33 (search for similar items in EconPapers)
Date: 2008-02-15
New Economics Papers: this item is included in nep-cbe and nep-evo
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Citations: View citations in EconPapers (3)

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Persistent link: https://EconPapers.repec.org/RePEc:pra:mprapa:7175

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