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SYNTHETIC FIBRES IN THE WOOL TEXTILE INDUSTRYA STUDY OF THE ROLE OF PRICE IN TECHNOLOGICAL ADJUSTMENT*

SYNTHETIC FIBRES IN THE WOOL TEXTILE INDUSTRYA STUDY OF THE ROLE OF PRICE IN TECHNOLOGICAL... SYNTHETIC FIBRES IN THE WOOL TEXTILE INDUSTRY A STUDY OF THE ROLE OF PRICE IN TECHNOLOGICAL ADJUSTMENT” ALAN POWELL, METODEY POLASEK AND HARRY T. BURLEY** University of Adelaide 1. Introduction Conventional growth curves, such as the logistic and Gompertz, though both useful and successful as descriptive measures, lack econ- omic substance.l Where a new product is developed expressly to com- pete with an existing close substitute, any economist might reasonably expect the relative prices of the two goods to be relevant to the rate at which the innovation is adopted. Yet growth curves of the class mentioned above are functions of time only.2 In this paper we attempt to allow for the influence of price. The logistic law of growth remains basic to the pattern of adoption in our model. However, it is assumed that relative prices can both accelerate the rate of adoption, and affect the long-run share of the market en- joyed by the new product. (We shall use the term price-accelerated trend to designate this type of model.) Such a model is fitted to U.S. quarterly mill consumption of synthetic staples and virgin raw wool for the period 1954-1962, with some surprising results. 2. Pure Trend http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png The Australian Journal of Agricultural Resource Economics Wiley

SYNTHETIC FIBRES IN THE WOOL TEXTILE INDUSTRYA STUDY OF THE ROLE OF PRICE IN TECHNOLOGICAL ADJUSTMENT*

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Publisher
Wiley
Copyright
Copyright © 1963 Wiley Subscription Services, Inc., A Wiley Company
ISSN
1364-985X
eISSN
1467-8489
DOI
10.1111/j.1467-8489.1963.tb00318.x
Publisher site
See Article on Publisher Site

Abstract

SYNTHETIC FIBRES IN THE WOOL TEXTILE INDUSTRY A STUDY OF THE ROLE OF PRICE IN TECHNOLOGICAL ADJUSTMENT” ALAN POWELL, METODEY POLASEK AND HARRY T. BURLEY** University of Adelaide 1. Introduction Conventional growth curves, such as the logistic and Gompertz, though both useful and successful as descriptive measures, lack econ- omic substance.l Where a new product is developed expressly to com- pete with an existing close substitute, any economist might reasonably expect the relative prices of the two goods to be relevant to the rate at which the innovation is adopted. Yet growth curves of the class mentioned above are functions of time only.2 In this paper we attempt to allow for the influence of price. The logistic law of growth remains basic to the pattern of adoption in our model. However, it is assumed that relative prices can both accelerate the rate of adoption, and affect the long-run share of the market en- joyed by the new product. (We shall use the term price-accelerated trend to designate this type of model.) Such a model is fitted to U.S. quarterly mill consumption of synthetic staples and virgin raw wool for the period 1954-1962, with some surprising results. 2. Pure Trend

Journal

The Australian Journal of Agricultural Resource Economics – Wiley

Published: Dec 1, 1963

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