English (United Kingdom)

https://curated-unify.zendy.io/wp-json/zendy-region/v1/featured_content/oa?rat=en

https://curated-unify.zendy.io/wp-json/zendy-region/v1/highlighted_journal/

Zendy Plus

Presents the access of premium content as premium feature

Premium Content

Presents the keyphrase highlighting as premium feature

Keyphrase Highlighting

Presents the summarisation as premium feature

Summarisation

Insights

Presents the pdf analysis as premium feature

PDF Analysis

Presents the zaia usage as premium feature

ZAIA

Zendy Tools

Zendy Open

Knowledge acquisition by consumers is a key process in the diffusion ofinnovations. However, in standard theories of the representative agent, agentsdo not learn and innovations are adopted instantaneously. Here, we show that ina discrete choice model where utility-maximising agents with heterogenouspreferences learn about products through peers, their stock of knowledge onproducts becomes heterogenous, fads and fashions arise, and transitivity inaggregate preferences is lost. Non-equilibrium path-dependent dynamics emerge,the representative agent exhibits behavioural rules different than individualagents, and aggregate utility cannot be optimised. Instead, an evolutionarytheory of product innovation and diffusion emerges.

Fashion, fads and the popularity of choices: micro-foundations for diffusion consumer theory