Understanding the system dynamics of high-technology markets: pólya processes with positive feedback, path dependence and lock-in

  • Authors:

  • Markus Schwaninger;Christoph Mandl

  • Affiliations:

  • University of St. Gallen, Switzerland, St. Gallen, Switzerland;University of Vienna, Austria

  • Venue:
  • EUROCAST'11 Proceedings of the 13th international conference on Computer Aided Systems Theory - Volume Part I
  • Year:
  • 2011

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Abstract

This paper relies on complexity theory to gain new insights into the dynamics of high-technology markets. We are making use of the Pólya process model to explain these dynamics. This classical model highlights the "mechanism" of positive feedback, which gives rise to the phenomenon of path dependence and lock-in.