The adoption and adaptation of externally originated ideas
AbstractThis paper presents a vintage-capital model of technology adoption that takes seriously the fact that new inventions are specific to the environment in which they emerge. The key feature of the model is that the firm can invest resources in R&D to adapt externally originated ideas to the environment in which they are used. We show that because of the possibility of investing in R&D, differences between the inventor's and user's environments can explain why some firms invest in old techniques. Several predictions of the model are consistent with observation.
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Bibliographic InfoArticle provided by Springer in its journal Spanish Economic Review.
Volume (Year): 2 (2000)
Issue (Month): 3 ()
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Other versions of this item:
- Fidel Perez Sebastian, 1998. "The Adoption and Adaptation of Externally Originated Ideas," Documentos de Trabajo - Lan Gaiak Departamento de EconomÃa - Universidad PÃºblica de Navarra 9803, Departamento de Economía - Universidad Pública de Navarra.
- D92 - Microeconomics - - Intertemporal Choice - - - Intertemporal Firm Choice, Investment, Capacity, and Financing
- O33 - Economic Development, Technological Change, and Growth - - Technological Change; Research and Development; Intellectual Property Rights - - - Technological Change: Choices and Consequences; Diffusion Processes
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