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Standardization and the Rate of Technological Progress

Author

Listed:
  • Fishman, Arthur
  • Gandal, Neil

Abstract

In this paper, we show how product standardization, or its absence, affects the rate of technological progress. Two types of outcomesthose in which innovations are compatible with old products and those in which they are not - are market equilibria. The incompatible regime is characterized by more frequent product innovations and more rapid technological progress, on the one hand, and greater expenditure of resources in return for this progress on the other. In our framework, an absence of product standardization fulfills the role of "functional obsolescence," which may serve a socially desirable role by fostering more rapid technological progress.

Suggested Citation

  • Fishman, Arthur & Gandal, Neil, 1993. "Standardization and the Rate of Technological Progress," Foerder Institute for Economic Research Working Papers 275584, Tel-Aviv University > Foerder Institute for Economic Research.
    • Handle: RePEc:ags:isfiwp:275584
    DOI: 10.22004/ag.econ.275584
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