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Adoption of Standards Under Uncertainty

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  • Michael Ostrovsky

    ()
    (Harvard University)

  • Michael Schwarz

    ()
    (Harvard University and Stanford University)

Abstract

The presence of noise in compliance times may have a critical impact on the selection of new technological standards. A technically superior standard is not necessarily viable because an arbitrarily small amount of noise may render coordination on that standard impossible. We introduce the concept of a firm's "support ratio," defined as a function that depends only on characteristics of that firm. We show that for sufficiently patient firms, the viability of a standard does not depend on the distribution of noise in compliance times. The criterion for the viability of a standard is that the sum of support ratios of all firms be smaller than one.

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Bibliographic Info

Article provided by The RAND Corporation in its journal RAND Journal of Economics.

Volume (Year): 36 (2005)
Issue (Month): 4 (Winter)
Pages: 816-832

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Handle: RePEc:rje:randje:v:36:y:2005:4:p:816-832

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Cited by:
  1. Ochs, Jack & Park, In-Uck, 2004. "Overcoming the Coordination Problem: Dynamic Formation of Networks," CEI Working Paper Series 2004-18, Center for Economic Institutions, Institute of Economic Research, Hitotsubashi University.
  2. Oriol Carbonell-Nicolau & Richard McLean, 2011. "Refinements of Nash equilibrium in potential games," Departmental Working Papers 201125, Rutgers University, Department of Economics.
  3. Min-Hung Tsay, 2012. "Preemption and rent equalization in the adoption of new technology: comment," Economics Bulletin, AccessEcon, vol. 32(2), pages 1680-1686.
  4. Jack Ochs, 2006. "Dynamic Network Formation," Working Papers 233, University of Pittsburgh, Department of Economics, revised Jan 2006.

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