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Stochastic Technologies and the Adoption Decision

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  • Hennessy, David A.

Abstract

This paper models stochastic technical change as a stochastic input. Dominance techniques are used to study the technology adoption decision, and the input and mean yield implications of adopting. Both complete change-over and portfolio mix situations are analyzed. The results are compared with the deterministic theory of adoption. Strong conclusions are drawn for DARA producers and two particular classes of yield transformation. Author Keywords: Complete adoption; Input use; Partial adoption; Stochastic yield; Technical change

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Bibliographic Info

Paper provided by Iowa State University, Department of Economics in its series Staff General Research Papers with number 5162.

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Date of creation: 01 Dec 1997
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Publication status: Published in Journal of Development Economics, December 1997, vol. 54, pp. 437-453
Handle: RePEc:isu:genres:5162

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Postal: Iowa State University, Dept. of Economics, 260 Heady Hall, Ames, IA 50011-1070
Phone: +1 515.294.6741
Fax: +1 515.294.0221
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Web page: http://www.econ.iastate.edu
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  1. Smale, Melinda & Heisey, Paul W & Leathers, Howard D, 1995. "Maize of the Ancestors and Modern Varieties: The Microeconomics of High-Yielding Variety Adoption in Malawi," Economic Development and Cultural Change, University of Chicago Press, vol. 43(2), pages 351-68, January.
  2. Bera, Anil K. & Kelley, Timothy G., 1990. "Adoption of high yielding rice varieties in Bangladesh : An econometric analysis," Journal of Development Economics, Elsevier, vol. 33(2), pages 263-285, October.
  3. Just, Richard E. & Pope, Rulon D., 1978. "Stochastic specification of production functions and economic implications," Journal of Econometrics, Elsevier, vol. 7(1), pages 67-86, February.
  4. Alauddin, Mohammad & Tisdell, Clem, 1988. "Impact of new agricultural technology on the instability of foodgrain production and yield : Data analysis for Bangladesh and its districts," Journal of Development Economics, Elsevier, vol. 29(2), pages 199-227, September.
  5. Meyer, Jack & Ormiston, Michael B., 1983. "The comparative statics of cumulative distribution function changes for the class of risk averse agents," Journal of Economic Theory, Elsevier, vol. 31(1), pages 153-169, October.
  6. Levy, Haim, 1994. "Absolute and Relative Risk Aversion: An Experimental Study," Journal of Risk and Uncertainty, Springer, vol. 8(3), pages 289-307, May.
  7. Rothschild, Michael & Stiglitz, Joseph E., 1970. "Increasing risk: I. A definition," Journal of Economic Theory, Elsevier, vol. 2(3), pages 225-243, September.
  8. Meyer, Jack & Ormiston, Michael B, 1989. " Deterministic Transformations of Random Variables and the Comparative Statics of Risk," Journal of Risk and Uncertainty, Springer, vol. 2(2), pages 179-88, June.
  9. Diamond, Peter A. & Stiglitz, Joseph E., 1974. "Increases in risk and in risk aversion," Journal of Economic Theory, Elsevier, vol. 8(3), pages 337-360, July.
  10. Sandmo, Agnar, 1971. "On the Theory of the Competitive Firm under Price Uncertainty," American Economic Review, American Economic Association, vol. 61(1), pages 65-73, March.
  11. J. Bartoszewicz, 1985. "Moment inequalities for order statistics from ordered families of distributions," Metrika, Springer, vol. 32(1), pages 383-389, December.
  12. Just, Richard E & Zilberman, David, 1983. "Stochastic Structure, Farm Size and Technology Adoption in Developing Agriculture," Oxford Economic Papers, Oxford University Press, vol. 35(2), pages 307-28, July.
  13. Appelbaum, Elie & Katz, Eliakim, 1986. "Measures of Risk Aversion and Comparative Statics of Industry Equilibrium," American Economic Review, American Economic Association, vol. 76(3), pages 524-29, June.
  14. Hadar, Josef & Russell, William R, 1969. "Rules for Ordering Uncertain Prospects," American Economic Review, American Economic Association, vol. 59(1), pages 25-34, March.
  15. Batra, Raveendra N & Ullah, Aman, 1974. "Competitive Firm and the Theory of Input Demand under Price Uncertainty," Journal of Political Economy, University of Chicago Press, vol. 82(3), pages 537-48, May/June.
  16. Feder, Gershon, 1980. "Farm Size, Risk Aversion and the Adoption of New Technology under Uncertainty," Oxford Economic Papers, Oxford University Press, vol. 32(2), pages 263-83, July.
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Cited by:
  1. Shively, Gerald E., 2001. "Poverty, consumption risk, and soil conservation," Journal of Development Economics, Elsevier, vol. 65(2), pages 267-290, August.

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