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| Author: | Chambers, C. |
| Title: | Technological advancement, learning, and the adoption of new technology |
| Journal: | European Journal of Operational Research
2004 : JAN, VOL. 152:1, p. 226-247 |
| Index terms: | Replacement Manufacturing Dynamic programming Technology Switching costs Learning |
| Language: | eng |
| Abstract: | This research focuses attention upon three related issues: the persistence of technological progress over time, multiple adoption decisions over a long horizon, and the impact of production based learning on those decisions. The author develops a simple economic model for a single product producing firm incorporating continuous technological progress, linear product demand, linear switching costs, and experience based cost reductions. A dynamic programming framework is used to evaluate cases where either one or an unlimited number of adoptions are allowed over an infinite horizon. Both structural and numerical results are presented. |
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