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2016 | 129 | 5 | 1055-1059
Article title

Linking Consumer Opinions with Reservation Prices in an Agent-Based Model of Innovation Diffusion

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EN
Abstracts
EN
We extend a recently developed agent-based model of innovation diffusion by linking the opinions of potential consumers with their market behavior via the concept of reservation prices. Through a dynamic mechanism that takes into account social influence, the agents in our model can both increase or decrease their product appraisal. Considering complete graph network structures and using mean-field treatment we find that the model can exhibit a plethora of scenarios, observed empirically but not attainable within the classical Bass model. We also show the existence of a critical market price above which the innovation cannot diffuse.
Keywords
EN
Contributors
  • Department of Operations Research, Wrocław University of Technology, Wrocław, Poland
author
  • Department of Operations Research, Wrocław University of Technology, Wrocław, Poland
  • Department of Operations Research, Wrocław University of Technology, Wrocław, Poland
  • Department of Theoretical Physics, Wrocław University of Technology, Wrocław, Poland
References
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Document Type
Publication order reference
Identifiers
YADDA identifier
bwmeta1.element.bwnjournal-article-appv129n529kz
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