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Private Signals and Fast Product Adoption Under Incomplete Information
Itai Arieli
Srinivas Arigapudi
出版
SSRN
, 2023
URL
http://books.google.com.hk/books?id=cJY00AEACAAJ&hl=&source=gbs_api
註釋
This paper investigates the dynamics of product adoption under incomplete information regarding product quality. A revising agent observes a small sample of actions played in the population and also receives a private signal indicating the realized state. Using a simple heuristic, the agent estimates both the product quality and the population state and chooses an action that is the best response to this estimate. We identify a necessary and sufficient condition for the strength of the private signal, expressed as a function of the heuristic, that enables rapid adoption of the optimal product by the population.
