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Exact Solutions and Conservation Laws of the Joseph-Egri Equation with Power Law Nonlinearity Read chapter Read first chapter

2015 | OriginalPaper | Chapter

Adoption of New Products with Global and Local Social Influence in a 2D Characteristics Space

Authors : M. G. Cojocaru, C. Hogg, C. Kuusela, E. W. Thommes

Published in: Interdisciplinary Topics in Applied Mathematics, Modeling and Computational Science

Publisher: Springer International Publishing

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Abstract

We present here an agent-based model (ABM) of adoption of new products including: dynamic consumer preferences and product demands, a 2D characteristics space where products are placed, global and local (nearest neighbours) social influence. The ABM model is built from a continuous time model of the market (Cojocaru et al., Environ Model Softw, 2013), driven by agents’ heterogeneity and their local connections. We find that consumer populations where a large fraction of population is sensitive to product popularity displays higher adoption levels of a new product, especially when local social connections are taken into account.

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Metadata
Title
Adoption of New Products with Global and Local Social Influence in a 2D Characteristics Space
Authors
M. G. Cojocaru
C. Hogg
C. Kuusela
E. W. Thommes
Copyright Year
2015
Book
Interdisciplinary Topics in Applied Mathematics, Modeling and Computational Science

Print ISBN: 978-3-319-12306-6

Electronic ISBN: 978-3-319-12307-3

Copyright Year: 2015

DOI
https://doi.org/10.1007/978-3-319-12307-3_22

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