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      Optimal pattern of technology adoptions under embodiment: a multi-stage optimal control approach

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      Author
      Saglam, C.
      Date
      2011
      Source Title
      Optimal Control Applications and Methods
      Print ISSN
      0143-2087
      Electronic ISSN
      1099-1514
      Publisher
      John Wiley & Sons Ltd.
      Volume
      32
      Issue
      5
      Pages
      574 - 586
      Language
      English
      Type
      Article
      Item Usage Stats
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      107
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      Abstract
      By deriving the necessary conditions for a multi-stage optimal control problem where the endogenous switching instants appear as an argument of the state equation, we analyze the optimal pattern of technology adoptions under embodiment with a finite planning horizon. We show that the optimal pattern of technology adoptions depends crucially on how the growth rate advantage compares to the adjustment and the obsolescence costs inherent to embodiment. We obtain non-stationary lifetimes for the adopted technologies due to finite planning horizon. We analyze numerically the effects of planning horizon, speed of adjustment to the new technology, growth rate of technology and the impatience rate on the optimal pattern. Copyright © 2010 John Wiley & Sons, Ltd.
      Keywords
      Embodiment
      Multi-stage optimal control
      Technology adoption
      Adopted technology
      Endogenous switching
      Finite planning horizon
      Multi-stage
      Nonstationary
      Optimal control problem
      Optimal controls
      Planning horizons
      State equations
      Control
      Equations of state
      Optimal control systems
      Optimization
      Obsolescence
      Permalink
      http://hdl.handle.net/11693/21806
      Published Version (Please cite this version)
      http://dx.doi.org/10.1002/oca.960
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      • Department of Economics 649
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