Innovation adoption by forward‐looking social learners
构建模型研究社会学习潜力如何影响不确定性创新的采纳，发现学习环境特征决定S形或凹形采纳曲线，且过度社会学习可能减缓采纳并损害福利。
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 learning environment affect equilibrium adoption dynamics, welfare, and the speed of learning. Based on this, we show how differences in the learning environment translate into observable differences in adoption dynamics, suggesting a purely informational channel for two commonly documented adoption patterns: S‐shaped and concave curves. We also identify environments that are subject to a saturation effect: Increased opportunities for social learning can slow down adoption and learning, and do not increase consumer welfare, possibly even being harmful.