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

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  • Gregory D. Wozniak

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.

Suggested Citation

  • Gregory D. Wozniak, 1987. "Human Capital, Information, and the Early Adoption of New Technology," Journal of Human Resources, University of Wisconsin Press, vol. 22(1), pages 101-112.
  • Handle: RePEc:uwp:jhriss:v:22:y:1987:i:1:p:101-112
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    Cited by:

    1. Kinvi D.A. Logossah, 1994. "Capital humain et croissance économique : une revue de la littérature," Économie et Prévision, Programme National Persée, pages 17-34.
    2. 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.
    3. Chapman, Bruce, 2006. "Income Contingent Loans for Higher Education: International Reforms," Handbook of the Economics of Education, Elsevier.
    4. Geroski, P. A., 2000. "Models of technology diffusion," Research Policy, Elsevier, pages 603-625.
    5. Geroski, P. A., 2000. "Models of technology diffusion," Research Policy, Elsevier, pages 603-625.
    6. Hewitt-Dundas, Nola, 2000. "The Adoption Of Advanced Manufacturing Technologies And Strategic Complexity," ERSA conference papers ersa00p213, European Regional Science Association.
    7. 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.
    8. Li Yu & Peter F. Orazem, 2014. "O-Ring production on U.S. hog farms: joint choices of farm size, technology, and compensation," Agricultural Economics, International Association of Agricultural Economists, vol. 45(4), pages 431-442, July.
    9. 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.
    10. Grossman, Michael & Joyce, Theodore J, 1990. "Unobservables, Pregnancy Resolutions, and Birth Weight Production Functions in New York City," Journal of Political Economy, University of Chicago Press, vol. 98(5), pages 983-1007, October.
    11. Laura German & Jeremias Mowo & Margaret Kingamkono, 2006. "A methodology for tracking the “fate” of technological interventions in agriculture," Agriculture and Human Values, Springer;The Agriculture, Food, & Human Values Society (AFHVS), vol. 23(3), pages 353-369, October.
    12. 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.
    13. Daiji Kawaguchi & Tetsushi Murao & Ryo Kambayashi, 2014. "Incidence of Strict Quality Standards: Protection of Consumers or Windfall for Professionals?," Journal of Law and Economics, University of Chicago Press, vol. 57(1), pages 195-224.
    14. 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.
    15. Leigh, J. Paul & Dhir, Rachna, 1997. "Schooling and frailty among seniors," Economics of Education Review, Elsevier, vol. 16(1), pages 45-57, February.
    16. 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.
    17. Zotti, Roberto & Barra, Cristian, 2014. "Human capital development, knowledge spillovers and local growth: Is there a quality effect of university efficiency?," MPRA Paper 60065, University Library of Munich, Germany.
    18. B. Wolfe & S. Zuvekas, "undated". "Nonmarket outcomes of schooling," Institute for Research on Poverty Discussion Papers 1065-95, University of Wisconsin Institute for Research on Poverty.
    19. 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.
    20. 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, pages 97-142.

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