Mathematical model based on psychology predicts who will buy trendy products
It’s often risky to introduce new products to the market. In fact, statistics show that between 40 to 90 percent of new products fail. A key component of product adoption is consumer psychology. While there are a few theories that attempt to explain why certain people are not likely to accept novelties, a new study takes a slightly different approach.
Florida Atlantic University and collaborators developed and introduced a new mathematical innovation model, grounded in psychology, to provide both qualitative and quantitative predictions of adoption trends for new products.
The objective of the study ...













