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      Contagion of network products in small-world networks

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      Author(s)
      İkizler, Hüseyin
      Date
      2019-05-20
      Source Title
      Journal of Economic Interaction and Coordination
      Print ISSN
      1860-711X
      Electronic ISSN
      1860-7128
      Publisher
      Springer
      Volume
      14
      Issue
      4
      Pages
      789 - 809
      Language
      English
      Type
      Article
      Item Usage Stats
      164
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      175
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      Abstract
      We formulate a model in which agents embedded in an exogenous social network decide whether to adopt a new network product or not. In the theoretical part of the paper, we characterize the stochastically stable equilibria for complete networks and cycles. For an arbitrary network structure, we develop a novel graph decomposition method to characterize the set of recurrent communication states, which is a superset of stochastically stable equilibria of the adoption game presented in our model. In the simulation part, we study the contagion process of a network product in small-world networks that systematically represent social networks. We simulate a generalization of the Morris (Rev Econ Stud 67(1):57–78, 2000) Contagion model that can explain the chasm between early adopters and early majority. Our numerical analysis shows that the failure of a new network product is less likely in a highly cliquish network. In addition, the contagion process reaches to steady state faster in random networks than in highly cliquish networks. It turns out that marketers should work with mixed marketing strategies, which will result in a full contagion of a network product and faster contagion rates with a higher probability.
      Keywords
      Social network
      Contagion
      Simulation
      Cliquish network
      Random network
      Small-world network
      Permalink
      http://hdl.handle.net/11693/53449
      Published Version (Please cite this version)
      https://dx.doi.org/10.1007/s11403-019-00251-8
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      • Department of Economics 724
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