Stochastic Technologies and the Adoption Decision

David Hennessy

Staff General Research Papers Archive from Iowa State University, Department of Economics

Abstract: This paper models stochastic technical change as a stochastic input. Dominance techniques are used to study the technology adoption decision, and the input and mean yield implications of adopting. Both complete change-over and portfolio mix situations are analyzed. The results are compared with the deterministic theory of adoption. Strong conclusions are drawn for DARA producers and two particular classes of yield transformation. Author Keywords: Complete adoption; Input use; Partial adoption; Stochastic yield; Technical change

Date: 1997-12-01
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Published in Journal of Development Economics, December 1997, vol. 54, pp. 437-453

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