Adjustment Costs , Learning - by - Doing , and Technology Adoption under Uncertainty Anna
نویسندگان
چکیده
We consider a variety of vintage-capital models of a rm's choice of technology under uncertainty in the presence of adjustment costs and technology-speci c learning. Similar models have been studied in a deterministic setting. Part of our objective is to examine the robustness of the implications of the certainty models to uncertainty. Our analysis highlights the role of the speci cation of costs of adjustment: if an adjustment cost comes only in terms of accumulated technology-speci c expertise (cf. Parente (1994)), we prove that the implications are robust for a variety of speci cations of the rm's production function, however, once a cost paid in units of the produced good is introduced, predictions of an uncertainty model become increasingly di erent as uncertainty increases. Tractability of our models allows us to disentangle the e ects of the models' assumptions, provide characterization of optimal policies, demonstrate the impact of uncertainty on the frequency of technology adoptions and growth in the economy, and present comparative statics. JEL Classi cation Codes: D81, D92, O33.
منابع مشابه
MIT Sloan School of Management Working Paper 4369 - 01 December 2001 ADJUSTMENT COSTS , LEARNING - BY - DOING , AND TECHNOLOGY ADOPTION UNDER UNCERTAINTY Anna
We consider a variety of vintage capital models of a firm’s choice of technology under uncertainty in the presence of adjustment costs and technology-specific learning. Similar models have been studied in a deterministic setting. Part of our objective is to examine the robustness of the implications of the certainty models to uncertainty. We find that the answer crucially depends on the specifi...
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We consider a variety of vintage capital models of a firm’s choice of technology under uncertainty in the presence of adjustment costs and technology-specific learning. Similar models have been studied in a deterministic setting. Part of our objective is to examine the robustness of the implications of the certainty models to uncertainty. We find that the answer crucially depends on the specifi...
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