There are five general approaches to explaining innovation diffusion(Peyton Young, 2006):
- Inertia. People delay adopting out of inertia or because they need to wait for a revision opportunity to come along.
- Contagion. People adopt the innovation when they hear about it from someone who has already adopted.
- Conformity. People adopt when enough other people in the group have adopted.
- Social learning. People adopt once they see enough evidence among prior adopters to convince them that the innovation is worth adopting.
- Moving equilibrium. As external conditions change, say as the cost of the innovation decreases or information about it increases, more and more people adopt as their reservation thresholds are crossed.
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