Wang, Qiu_Hong; Hui, Kai-Lung - EconWPA - 2005
improved product. We characterize the market with either a partly- or fully- covered installed base, consumers. relative … willingness to pay for the newly improved version of the product, and their relative payoffs from delayed purchase. Instead of … existing (old) version of a durable product, their willingness to purchase the newly improved version would increase over time …