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Human Capital, Information, and the Early Adoption of New Technology

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  • Gregory D. Wozniak
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    Abstract

    When producers are uncertain or have imperfect information about the profitability of adopting new technology, their adoption behavior depends on the endowment of human capital and the investment in adoption information. This study analyzes the role of education, experience, and information acquisition in the decision to be an early adopter. The findings support the hypothesis that adoption decision-making is a human capital intensive activity. The econometric evidence presented suggests that education and information reduce adoption costs and uncertainty, and thereby raise the probability of early adoption. Adoption behavior is also shown to vary significantly across firm size.

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    Bibliographic Info

    Article provided by University of Wisconsin Press in its journal Journal of Human Resources.

    Volume (Year): 22 (1987)
    Issue (Month): 1 ()
    Pages: 101-112

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    Handle: RePEc:uwp:jhriss:v:22:y:1987:i:1:p:101-112

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    Web page: http://jhr.uwpress.org/

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    Cited by:
    1. Hewitt-Dundas, Nola, 2000. "The Adoption Of Advanced Manufacturing Technologies And Strategic Complexity," ERSA conference papers ersa00p213, European Regional Science Association.
    2. Bruce Chapman, 2005. "Income Contingent Loans for Higher Education: International Reform," CEPR Discussion Papers 491, Centre for Economic Policy Research, Research School of Economics, Australian National University.
    3. Shih-tse Lo & Dhanoos Sutthiphisal, 2008. "Crossover Inventions And Knowledge Diffusion Of General Purpose Technologies? Evidence From The Electrical Technology," NBER Working Papers 14043, National Bureau of Economic Research, Inc.
    4. B. Wolfe & S. Zuvekas, . "Nonmarket outcomes of schooling," Institute for Research on Poverty Discussion Papers 1065-95, University of Wisconsin Institute for Research on Poverty.
    5. Waters, James, 2013. "The influence of information sources on inter- and intra-firm diffusion: evidence from UK farming," MPRA Paper 50955, University Library of Munich, Germany.
    6. Escarce, JoseJ., 1996. "Externalities in hospitals and physician adoption of a new surgical technology: An exploratory analysis," Journal of Health Economics, Elsevier, vol. 15(6), pages 715-734, December.
    7. Kinvi D.A. Logossah, 1994. "Capital humain et croissance économique : une revue de la littérature," Économie et Prévision, Programme National Persée, vol. 116(5), pages 17-34.
    8. Geroski, P. A., 2000. "Models of technology diffusion," Research Policy, Elsevier, vol. 29(4-5), pages 603-625, April.
    9. Gavin C Reid, 1994. "Fast Growing Small Entrepreneurial Firms and their Venture Capital Backers: an Applied Principal-Agent Analysis," CRIEFF Discussion Papers 9421, Centre for Research into Industry, Enterprise, Finance and the Firm.
    10. Kawaguchi, Daiji & Murao, Tetsushi & Kambayashi, Ryo, 2013. "Incidence of Strict Quality Standards: Protection of Consumers or Windfall for Professionals?," IZA Discussion Papers 7443, Institute for the Study of Labor (IZA).
    11. Aubhik Khan & B. Ravikumar, 2002. "Costly Technology Adoption and Capital Accumulation," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 5(2), pages 489-502, April.
    12. Deanna Sharpe & Rui Yao & Li Liao, 2012. "Correlates of Credit Card Adoption in Urban China," Journal of Family and Economic Issues, Springer, vol. 33(2), pages 156-166, June.
    13. Barbara L. Wolfe & Robert H. Haveman, 2002. "Social and nonmarket benefits from education in an advanced economy," Conference Series ; [Proceedings], Federal Reserve Bank of Boston, vol. 47(Jun), pages 97-142.
    14. Christoph Safferling & Aaron Lowen, 2011. "Economics in the Kingdom of Loathing: Analysis of Virtual Market Data," Working Paper Series of the Department of Economics, University of Konstanz 2011-30, Department of Economics, University of Konstanz.
    15. Engelstätter, Benjamin & Sarbu, Miruna, 2011. "The adoption of social enterprise software," ZEW Discussion Papers 11-078, ZEW - Zentrum für Europäische Wirtschaftsforschung / Center for European Economic Research.
    16. Laura German & Jeremias Mowo & Margaret Kingamkono, 2006. "A methodology for tracking the “fate” of technological interventions in agriculture," Agriculture and Human Values, Springer, vol. 23(3), pages 353-369, October.
    17. Leigh, J. Paul & Dhir, Rachna, 1997. "Schooling and frailty among seniors," Economics of Education Review, Elsevier, vol. 16(1), pages 45-57, February.

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