Output-Flexibility and Diverse Technology
AbstractOutput-flexibility's welfare effects are analyzed in two propositions involving linear total cost curves and absolute capacity limits. This paper demonstrates that, in a setting of competitive manufacturing, the conditions for two technologies to coexist are that the other is more output-flexible, i.e., produces at a lower expected average cost when expected capacity utilization is low. Output-flexibility is illustrated by the "buy" alternative in the make-or-buy decision and the "keep" alternative in the replace-or-keep decision. The writer proposes and demonstrates an output-flexibility indicator. Copyright 1989 by Scottish Economic Society.
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Bibliographic InfoArticle provided by Scottish Economic Society in its journal Scottish Journal of Political Economy.
Volume (Year): 36 (1989)
Issue (Month): 2 (May)
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Web page: http://www.blackwellpublishing.com/journal.asp?ref=0036-9292
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- Aranoff, Gerald, 2011. "Competitive manufacturing with fluctuating demand and diverse technology: Mathematical proofs and illuminations on industry output-flexibility," Economic Modelling, Elsevier, vol. 28(3), pages 1441-1450, May.
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