Cheddi Kiravu, Moses T. Oladiran and Kamen Yanev
The conceptualisation of technology adoption has largely been based on the Bass or some Bass-derived model – notably, the logistic model. Logistic-type models offer limited…
Abstract
Purpose
The conceptualisation of technology adoption has largely been based on the Bass or some Bass-derived model – notably, the logistic model. Logistic-type models offer limited insights regarding the adoption process dynamics or the utility value of their results. The purpose of this paper is to outline an alternative technology adoption framework based on complex adaptive networks.
Design/methodology/approach
An agent-based methodological approach is proposed. In it the actors, factors, goals, and adaptive learning influences driving solar energy technology adoption (SETA) process are first substantiated by empirical evidence gathered using field questionnaires and then incorporated in the simulation of a dynamic complex adaptive network of SETA. The complex adaptive network model is based on simple heuristic rules applied using a modified preferential attachment scheme within a NetLogo simulation environment.
Findings
The interim results suggest an emergent network where prominent hub “driver” agents underlining the robustness of the model are statistically discernible.
Research limitations/implications
The research is limited to solar photovoltaic and solar water heating technology adoption in Botswana households; however, its results are far-reaching.
Practical implications
These results can be related to sustainable energy policy design. There, targeted incentive mechanisms can be formulated against the backdrop of the identified environmental factors and actors; the aim being to accelerate and cascade SETA.
Social implications
The results could also be cascaded to other sectors and other non-solar technologies, thus providing a general alternative framework for enabling the widespread adoption of technologies.
Originality/value
This research therefore represents a novel way of utilizing the new science of networks to accelerate SETA.
Details
Keywords
Heiko Leonhard, Maximilian Nagl and Wolfgang Schaefers
As blockchain-based virtual worlds gain prominence within the emerging metaverse and Web3, numerous global companies and investors are buying purely virtual land to explore new…
Abstract
Purpose
As blockchain-based virtual worlds gain prominence within the emerging metaverse and Web3, numerous global companies and investors are buying purely virtual land to explore new business potentials and capitalize on digital assets. Given the similarities to physical real estate, this study examines the dynamics of the secondary market for virtual land and relates its returns to those of physical real estate.
Design/methodology/approach
Using transaction-level data from a prominent virtual land platform, the authors construct a virtual land market index based on repeat sales index methodology from traditional real estate studies. Wavelet coherence analysis is employed to examine the dynamic correlation between virtual land and various physical real estate market returns. The determinants of this correlation are estimated using stepwise regression analysis. A portfolio analysis explores the implications of adding virtual land to traditional asset portfolios.
Findings
The correlation between virtual and physical real estate market returns is generally low, reaching its lowest during the Covid-19 lockdowns from 2020 to 2022. It spikes during acute economic turmoil such as the initial Covid-19 outbreak or interest rate change announcements. The correlation is primarily driven by consumer and economic climate, the price of the virtual economy token and investor attention. Portfolio analysis indicates that virtual land can enhance risk-adjusted returns within a traditional portfolio, particularly when added to a commercial real estate portfolio.
Research limitations/implications
This study examines a single virtual land market, despite it being the oldest and one of the largest. Given the rapidly evolving nature of virtual worlds, it is crucial to further test the results and include new virtual land platforms as they emerge.
Practical implications
The findings provide actionable insights on portfolio implications for investors seeking alternative real-estate-like assets in the digital space. Additionally, this study offers strategic guidance for entering the metaverse, including a comprehensive overview of established virtual presences.
Originality/value
With the advancing digitization of real estate markets, this study is the first to explore the correlation between market returns of virtual land in the metaverse and traditional physical real estate. The findings provide valuable empirical insights for investors, policymakers, entrepreneurs and companies interested in the intersection of digital and traditional property markets.