On delayed technological shifts

Nicola De Liso and Giovanni Filatrella

Economics of Innovation and New Technology, 2011, vol. 20, issue 6, 563-580

Abstract: When a new technology capable of superseding an existing one appears, we sometimes observe the so-called sailing-ship effect, which consists of the old technology's improvements in response to the emergence of the new one. This helps explain why the old technology does not disappear quickly. However, some more aspects contribute to slowing down the process of substitution of the new for the old technology, such as users’ reluctance to switch to the new one, the degree of diffusion of the old technology, and other forces. In this work, we provide a formal model which takes into account both the technical improvements of the old technology as well as the other forces, where the latter are synthesised in what we define as a memory effect .

Date: 2011
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DOI: 10.1080/10438599.2010.533536

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