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

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Kowalska-Pyzalska A., Ćwik K., Jędrzejewski A., Sznajd-Weron K.
Acta Physica Polonica A
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2016
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vol. 129
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issue 5
1055-1059
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.
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