@inproceedings{Klepper2010simple,
abstract = {This paper investigates technology adoption of a single firm in a continuous time model with an infinite planning horizon and an infinite number of investment opportunities. Technological progress is exogenous and modeled either by a poisson process or a geometric poisson process. For both processes, we characterize the optimal investment strategies. In the case of a poisson process we show that a cyclical investment pattern, that is adopting every m-th technology is optimal. If technological progress is modeled as a geometric poisson process, we argue that the number of technologies not adopted between two adoptions decreases with time, until finally each new technology will be adopted.},
address = {Frankfurt a. M.},
author = {Mathis Klepper},
copyright = {http://www.econstor.eu/dspace/Nutzungsbedingungen},
keywords = {D81; D92; O33; 330; Technology adoption; Technological uncertainty; Investment irreversebility; Optimal timing},
language = {eng},
number = {D8-V1},
publisher = {Verein f\"{u}r Socialpolitik},
series = {Beitr\"{a}ge zur Jahrestagung des Vereins f\"{u}r Socialpolitik 2010: \"{O}konomie der Familie - Session: Dynamic Models of Investment},
title = {A simple model of investment with an infinite number of technologies},
url = {http://hdl.handle.net/10419/37222},
year = {2010}
}
