Frick, Mira; Ishii, Yuhta - In: Theoretical economics : TE ; an open access journal in … 19 (2024) 4, pp. 1505-1541
We build a model studying the effect of an economy's potential for social learning on the adoption of innovations of uncertain quality. Assuming consumers are forward-looking (i.e., recognize the value of waiting for information), we analyze how qualitative and quantitative features of the...