IDEAS home Printed from https://ideas.repec.org/a/ags/ajaeau/22950.html
   My bibliography  Save this article

Synthetic Fibres In The Wool Textile Industry: A Study Of The Role Of Price In Technological Adjustment

Author

Listed:
  • Powell, Alan A.
  • Polasek, Metodey
  • Burley, Harry T.

Abstract

Conventional growth curves, such as the logistic and Gompertz, though both useful and successful as descriptive measures, lack economic substance. Where a new product is developed expressly to compete 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. 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 enjoyed 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.

Suggested Citation

  • Powell, Alan A. & Polasek, Metodey & Burley, Harry T., 1963. "Synthetic Fibres In The Wool Textile Industry: A Study Of The Role Of Price In Technological Adjustment," Australian Journal of Agricultural Economics, Australian Agricultural and Resource Economics Society, vol. 7(2), pages 1-14, December.
  • Handle: RePEc:ags:ajaeau:22950
    DOI: 10.22004/ag.econ.22950
    as

    Download full text from publisher

    File URL: https://ageconsearch.umn.edu/record/22950/files/07020107.pdf
    Download Restriction: no

    File URL: https://libkey.io/10.22004/ag.econ.22950?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    Other versions of this item:

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Minford, Patrick, 1975. "Textile Fibre Substitution And Relative Prices," Australian Journal of Agricultural Economics, Australian Agricultural and Resource Economics Society, vol. 19(3), pages 1-22, December.
    2. Hinchy, Mike & Simmons, Phil, 1983. "An Optimal-Control Approach To Stabilising Australian Wool Prices," Australian Journal of Agricultural Economics, Australian Agricultural and Resource Economics Society, vol. 27(1), pages 1-29, April.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:ags:ajaeau:22950. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: AgEcon Search (email available below). General contact details of provider: https://edirc.repec.org/data/aaresea.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.