TY - JOUR
AU - O'Mara, Gerald T.
AB - On Information and Innovation Diffusion: A Bayesian Approach Gershon Feder and Gerald T. O'Mara Learning and information accumulation are hy­ The Model pothesized to playa major role in innovation diffu­ sion. For instance, Hiebert argues that the probabil­ The traditional technology provides an average ity distributions of new (and unfamiliar) technolog­ profit of R dollars per acre. If the technology is ical parameters, as perceived by farmers, will shift familiar to farmers and has been available for some over time due to learning and experience. Prob­ time, it is reasonable to assume that farmers know abilities will be redistributed from lower to higher the true mean of R. payoffs. This induces farmers to increase their use Assume that the new technology is risky. Profits of the innovation, which was new seed varieties in per acre cultivated with the new technology, say 1T, the Hiebert model. are normally distributed with mean IJ. and variance The model presented by Kislev and Shchori­ (J'2, and IJ. > R. Farmers are assumed to be risk-neu­ Bachrach introduces in the new technology produc­ tral and believe the mean profit from the new tech­ tion function an efficiency factor which is positively nology is normally 
TI - On Information and Innovation Diffusion: A Bayesian Approach
JF - American Journal of Agricultural Economics
DO - 10.2307/1241186
DA - 1982-02-01
UR - https://www.deepdyve.com/lp/wiley/on-information-and-innovation-diffusion-a-bayesian-approach-BL4882yV3J
SP - 145
EP - 147
VL - 64
IS - 1
DP - DeepDyve
ER -