This book analyses the role of consumer demand on technical change.
Using a variety of techniques and approaches it discusses how
successful innovations change consumers' options. While focusing on
product innovation, the thesis is structured as four independent
papers. We initially reflect from a microeconomic perspective on
the evolution of preferences over time. A microeconomic model is
introduced in which the consumer maximizes utility, taking
decisions in which new possibilities interact with earlier
purchasing habits. Habit formation and the novelty associated with
new goods are two concepts that explain this dynamic consumer
behaviour. The model explains a situation in which technically good
innovative products can fail due to a lack of novelty value. Habit
formation is analysed in a macroeconomic growth model. Working with
non-homothetic preferences in a Dixit and Stiglizt framework, the
model introduces creative destruction from the demand side.
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