Consumer social learning and industrial dynamics
Fatas-Villafranca, F. (Universidad de Zaragoza) ; Fernández-Márquez, C.M. ; Vázquez, F.J.
Resumen: In this paper, we propose an agent-based model in which industrial dynamics depend on consumer social learning and firm innovation efforts. We draw on behavioral economics and consumer psychology to model consumer learning as a process of social adaptation-cum-individual novelties which operates within a stochastic dynamic network. In our model, consumers create original patterns of behavior, but they also imitate similar others through a (degree-dependent) influence-biased process of change. Likewise, consumer behavior is shaped by firms which attempt to capture larger market shares. Thus, we propose a model in which consumers update their position (tastes) in a product characteristics space through innovation and adaptation, and co-evolve with profit-seeking firms which observe and shape evolving consumer behavior. We simulate the resulting market process obtaining trajectories and stationary states for the degree of industrial concentration, the number of producers, and certain features of the industry lifecycle. The analysis of the model reveals how three demand parameters–consumer ‘insistence’ (capturing inertia in decision-making), the ‘locality’ of consumer learning, and consumer ‘loyalty’ to firms–affect industry evolution. Likewise, the model generates a continuum of limit industrial structures–from perfect competition, to oligopolies or monopolies–with said demand parameters influencing the stationary states.
Idioma: Inglés
DOI: 10.1080/10438599.2018.1433582
Año: 2019
Publicado en: Economics of innovation and new technology 28, 2 (2019), 119-141
ISSN: 1043-8599
Factor impacto JCR: 1.563 (2019)
Categ. JCR: ECONOMICS rank: 167 / 371 = 0.45 (2019) - Q2 - T2
Factor impacto SCIMAGO: 0.923 - Management of Technology and Innovation (Q1) - Economics, Econometrics and Finance (miscellaneous) (Q1)
Tipo y forma: Article (PostPrint)
Área (Departamento): Área Fund. Análisis Económico (Dpto. Análisis Económico)
You must give appropriate credit, provide a link to the license, and indicate if changes were made. You may do so in any reasonable manner, but not in any way that suggests the licensor endorses you or your use. You may not use the material for commercial purposes.
Exportado de SIDERAL (2024-01-31-19:18:41)
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Idioma: Inglés
DOI: 10.1080/10438599.2018.1433582
Año: 2019
Publicado en: Economics of innovation and new technology 28, 2 (2019), 119-141
ISSN: 1043-8599
Factor impacto JCR: 1.563 (2019)
Categ. JCR: ECONOMICS rank: 167 / 371 = 0.45 (2019) - Q2 - T2
Factor impacto SCIMAGO: 0.923 - Management of Technology and Innovation (Q1) - Economics, Econometrics and Finance (miscellaneous) (Q1)
Tipo y forma: Article (PostPrint)
Área (Departamento): Área Fund. Análisis Económico (Dpto. Análisis Económico)
You must give appropriate credit, provide a link to the license, and indicate if changes were made. You may do so in any reasonable manner, but not in any way that suggests the licensor endorses you or your use. You may not use the material for commercial purposes. Exportado de SIDERAL (2024-01-31-19:18:41)
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Record created 2024-01-31, last modified 2024-01-31