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Social Influence and Evolution of Market Share
2011
Internet Mathematics
We propose a model for the evolution of market share in the presence of social influence. We study a simple market in which the individuals arrive sequentially and choose one of the products. Their decision of which product to choose is a stochastic function of the inherent quality of the product and its market share. Using techniques from stochastic approximation theory, we show that market shares converge to an equilibrium. We also derive the market shares at equilibrium in terms of the level
doi:10.1080/15427951.2011.579849
fatcat:e5dlpppybnf7dakn6dlepxotkq