Description
Book SynopsisEconomics has not given sufficient attention to the microeconomic analysis of innovation and technological change. Counteracting this imbalance, The Microeconomics of Product Innovation considers how the use of economic analysis can guide and inform the search for insight in the generation and adoption of new products synonymously labelled product innovation. Written in an accessible tone and restricting its analysis to the use of microeconomics, this book encompasses the definition of product innovation. It explores means of measurement and revealed patterns of the extent of product innovation; the economic analysis of the forces driving the demand for, the supply of, and incentives to generate new products; empirical evidence upon the determinants of the extent of product innovation; the diffusion of product innovations; product innovation and firm performance; price measurement under product innovation; product innovation and welfare; and public policy and product innovation.
Table of Contents1: Introduction 2: Some initial definitions 3: Sources of new products 4: The extent of product innovation 5: The demand for a new product 6: Capacity creation, pricing, and the promotion of product innovations 7: The incentives to and constraints upon product innovation 8: Empirical evidence regarding the determination of the extent of product innovation 9: The diffusion of product innovations 10: Product innovation and firm performance 11: Product innovation and price measurement 12: Product innovation and welfare 13: Product innovation and the policy dimension
