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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Cojocaru, M., Hogg, C., Kuusela, C., Thommes, E. (2015). Adoption of New Products with Global and Local Social Influence in a 2D Characteristics Space. In: Cojocaru, M., Kotsireas, I., Makarov, R., Melnik, R., Shodiev, H. (eds) Interdisciplinary Topics in Applied Mathematics, Modeling and Computational Science. Springer Proceedings in Mathematics & Statistics, vol 117. Springer, Cham. https://doi.org/10.1007/978-3-319-12307-3_22
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DOI: https://doi.org/10.1007/978-3-319-12307-3_22
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