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Machine learning is bringing us self-driving cars, medical diagnoses, and language translation, but how can machine … learning help marketers improve marketing decisions? Machine learning models predict extremely well, are scalable to “big data … learning are limited. To create competitive or cooperative strategies, to generate creative product designs, to be accurate for …
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A model of open innovation among competing firms is developed. Innovation is modelled as a dynamic sequential process where existing technologies advance through research. New technologies are incorporated into next generation of competing products. This model is implemented in an evolutionary...
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There is not a day goes by without a passionate debate concerning Big Tech companies; while the main concern of governments seems to be related to social justice, a growing worry is associated with the consequences that large firms have on consumer welfare; nowadays these big entities engage in...
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We evaluate the effects of innovation on competition using an optimal control approach that incorporates firms' time preferences. Using a model where firm(s) innovates by investing in research and development to create a more appealing product for heterogeneous consumers, we examine conditions...
Persistent link: https://www.econbiz.de/10012967540
This chapter discusses the potential of the agent-based computational economics approach for the analysis of processes of innovation and technological change. It is argued that, on the one hand, several genuine properties of innovation processes make the possibilities offered by agent-based...
Persistent link: https://www.econbiz.de/10014024380
Drawing from Schumpeter's ideas on innovation, we investigate its co-evolutionary nature. We find that Schumpeterian forces of “creative destruction” and “creative accumulation” do not operate in separate domains but rather form a co-evolutionary process of innovation. Co-evolutionary...
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