Firms often face choices about when to upgrade and what to upgrade to. We discuss this in the context of upgrading to a new technology (for example, a new computer system), but it applies equally to the upgrading of processes (for example, a new organizational structure) or to individual choices...

Laboratory experiments were conducted to investigate how private and public information affect the selection of an innovation and the timing of adoption. The results shed light on the behavioral anomaly called the "energy-efficiency gap" in which consumers and firms delay adoption of...

Laboratory experiments were conducted to investigate how private and public information affect the selection of an innovation and the timing of adoption. The results shed light on the behavioral anomaly called the “energy-efficiency gap” in which consumers and firms delay adoption of...

Kording and Wolpert (2004), hereafter referred to as KW, describe an experiment where subjects engaged in a repeated task entailing movements of their finger. Subjects strove for accuracy in the stochastic environment and, on some trials, received mid-trial and post-trial feedback. KW claims...