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Should We Wait for a New Technology?

Author

Listed:
  • Kisang Lee

    (Sejong University)

  • Hyun Park

    (Sejong University)

Abstract

This paper shows the mechanism of technology dissemination when two rival firms decide timings of either international adoption or domestic imitation for a newly available technology. The set of optimal strategies for a dynamic Nash game includes immediate (but, not delayed) simultaneous international adoption; and sequential decisions for technology dissemination. The paper also illustrates that there is no technology adoption and whereby this waiting problem is due to the usual structure of contingent profits and costs of dissemination in a duopolistic market. Therefore the paper explains that the rivalry and strategic behaviors cause a slow and incremental process for dissemination of emerging technologies.

Suggested Citation

  • Kisang Lee & Hyun Park, 2001. "Should We Wait for a New Technology?," Korean Economic Review, Korean Economic Association, vol. 17, pages 127-147.
    • Handle: RePEc:kea:keappr:ker-200106-17-1-08
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    More about this item

    Keywords

    strategic timing decision; waiting game problem; technology imitation and diffusion;
    All these keywords.

    JEL classification:

    • D43 - Microeconomics - - Market Structure, Pricing, and Design - - - Oligopoly and Other Forms of Market Imperfection
    • O33 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Technological Change: Choices and Consequences; Diffusion Processes

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