Search Theory and the Manufacturing Progress Function
A theory based upon random search within a fixed population of technological possibilities is used to explain the manufacturing progress function. The theory is consistent with the power function relation between unit costs and cumulative output that has frequently been observed. It is also consistent with initial rates of improvement smaller than those predicted later by the power function relation, the eventual cessation of cost reduction, and an irregularity of improvements. Existing theories in the literature either fail to agree with the main empirical phenomena or else assume precisely what they attempt to explain.
Volume (Year): 32 (1986)
Issue (Month): 8 (August)
|Contact details of provider:|| Postal: 7240 Parkway Drive, Suite 300, Hanover, MD 21076 USA|
Web page: http://www.informs.org/
More information through EDIRC
When requesting a correction, please mention this item's handle: RePEc:inm:ormnsc:v:32:y:1986:i:8:p:948-962. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Mirko Janc)
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If references are entirely missing, you can add them using this form.
If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.
Please note that corrections may take a couple of weeks to filter through the various RePEc services.