Abstract
This chapter studies the evolution of technological innovations when agents face " fundamental" learning limits: these limits derive from the idea that certain features of the environment in which innovations are evaluated may not be statistically identified, forcing agents to make decisions in the face of ambiguity. It further assumes that agents are rational decision makers, but places the agents in a context in which alternative perspectives on the environment are observationally equivalent. Manski shows that this environment can lead to complex innovation dynamics and can replicate the classical S-shaped pattern of innovation adoption.
| Original language | English (US) |
|---|---|
| Title of host publication | The Economy as an Evolving Complex System, III |
| Subtitle of host publication | Current Perspectives and Future Directions |
| Publisher | Oxford University Press |
| ISBN (Electronic) | 9780199850495 |
| ISBN (Print) | 9780195162592 |
| DOIs | |
| State | Published - Oct 20 2005 |
Keywords
- Evolution
- Fundamental learning limits
- Manski
- S-shaped pattern
- Technological innovations
ASJC Scopus subject areas
- Economics, Econometrics and Finance(all)
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Cite this
Manski, C. F. (2005). Social Learning and the Adoption of Innovations. In The Economy as an Evolving Complex System, III: Current Perspectives and Future Directions Oxford University Press. https://doi.org/10.1093/acprof:oso/9780195162592.003.0003