Optimal timing of technology adoption

Article Abstract:

Optimal timing of technology adoption is greatly influenced by uncertainties related to the process of technological innovation. Utilization of dynamic programming strategy revealed that optimal timing of technology adoption is influenced by uncertainties involving the speed of arrival and the degree of efficiency enhancements of new technologies. Optimal decision policy formulated from the study suggests a slower rate of technology adoption than the one suggested in the net present value.

Analysis, Management, Business, Innovations, Technological innovations, Organizational change

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The stochastic rotation problem: a generalization of Faustmann's formula to stochastic forest growth

Article Abstract:

A stochastic impulse control theory indicated that Faustmann's formula can be generalized to stochastic growing forest to handle the so-called rotation problem in forestry, to substitute for the existing optimal stopping theory. Impulse control theory appears to be a feasible tool in solving rotating forest, a prototype of problems in which, aside from the stopping alternative, the decision maker has several options of continuation.

Models, Stochastic processes, Optimal stopping (Mathematical statistics)

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