We develop a stochastic-dynamic model of technology adoption that imposes fewer restrictions on behavior than do previous studies of similar decision problems. Like these previous studies, our model is forward-looking and can be used to demonstrate the additional "hurdle rate" that must be met...

This paper introduces social learning into irreversible investment theory through parameter uncertainty, and shows that social learning could reduce parameter uncertainty to facilitate irreversible investment technology adoption. The theoretic model is tested by using household level data from...

Despite recent traces of economic growth, Ethiopia remains one of the poorest countries in the world. Though about 80% of its population is engaged in agriculture, agricultural productivity remains low and extremely vulnerable to climatic conditions. The adoption and use of modern technologies...