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Innovation in technology for the least product price and cost – a new minimum cost relation for reductions during technological learning

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  • Romney B. Duffey

Abstract

By analogy with the concepts of human learning, we show and introduce a new method to obtain least product cost and price that includes the effect of innovation and technological learning in manufacturing and production. This key result is a new paradigm instead of the usual economic "power law" formulation. The new analysis is based on extensive analysis of many technological systems, and is directly related to the presence of learning as experience is accumulated. The results agree with the observed data. By using a consistent basis, the method replaces previous empirical "power law" descriptions of the technological learning curve with a new "marginal minimum cost equation" (MCE).

Suggested Citation

  • Romney B. Duffey, 2004. "Innovation in technology for the least product price and cost – a new minimum cost relation for reductions during technological learning," International Journal of Energy Technology and Policy, Inderscience Enterprises Ltd, vol. 2(1/2), pages 106-129.
    • Handle: RePEc:ids:ijetpo:v:2:y:2004:i:1/2:p:106-129
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