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| Author: | Cowan, R. |
| Title: | Tortoises and hares: Choice among technologies of unknown merit |
| Journal: | Economic Journal
1991 : JUL, VOL. 101:407, p. 801-814 |
| Index terms: | TECHNOLOGY CHOICE THEORY AUTHORITY PROFITABILITY SOCIAL CONTROL UNCERTAINTY APPROPRIATE TECHNOLOGY |
| Language: | eng |
| Abstract: | It will be argued that even with complete central control, when the technologies are improving and the central authority cannot precisely predict the paths of development, it is possible to lock in to an inferior technology. Discounting, coupled with concern for social profitability, can cause the central authority to pursue a technology that it believes to be best, at the cost of further learning about technologies. This allows erroneous estimates of the relative "goodness" of technology to be perpetuated. Technology choice with and without uncertainty is discussed. |
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