EconStor >
Max-Planck-Institut für Ökonomik, Jena >
Papers on Economics and Evolution, MPI für Ökonomik >

Please use this identifier to cite or link to this item:

http://hdl.handle.net/10419/57562
  
Title:Parting with "blue monday": Preferences in home production and consumer responses to innovations PDF Logo
Authors:Witt, Ulrich
Woersdorfer, Julia Sophie
Issue Date:2011
Series/Report no.:Papers on economics and evolution 1110
Abstract:How can economic theory explain the reasons why consumers adopt innovations? Using the example of innovations in washing machines two approaches are compared. The first focuses in the manner of household production theory on changes in constraints without specifying preferences, leading to the well-known time substitution hypothesis. The second approach develops specific hypotheses about consumer preferences and focuses on how technical change accounts for them. The two approaches are empirically evaluated with a data set representing the motives suggested in washer advertisements for purchasing new vintages of machines over the period 1888 to 1989 in the US.
Subjects:home production
preferences
consumer motivation
product innovation
innovation diffusion
time substitution hypothesis
direct utility
JEL:A12
D01
D11
D12
D13
N3
Document Type:Working Paper
Appears in Collections:Papers on Economics and Evolution, MPI für Ökonomik

Files in This Item:
File Description SizeFormat
665282427.pdf293.32 kBAdobe PDF
No. of Downloads: Counter Stats
Download bibliographical data as: BibTeX
Share on:http://hdl.handle.net/10419/57562

Items in EconStor are protected by copyright, with all rights reserved, unless otherwise indicated.