Tortoises and Hares: Choice among Technologies of Unknown Merit
Recent work in the area of competing technologies and increasing returns has largely been concerned with the effectiveness of the market in delivering optimal outcomes. The existence of inefficient market outcomes suggests that there might be a place for intervention in the technology choice process. This paper develops a model of sequential choice in which the choice process is subject to centralized control. The model is used to show that intervention can increase the expected present value of the technology adoption process. It remains, however, that one technology, and not necessarily the best, will come to dominate the market. Copyright 1991 by Royal Economic Society.
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Volume (Year): 101 (1991)
Issue (Month): 407 (July)
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