A model of technology selection by cost minimizing producers
Coauthor(s): Dean Boyd, Stephan Regulinski.
A set of microeconomic assumptions are presented that lead to a model of the technology choices made by producers of a homogeneous energy product. Under these assumptions it is possible to model the technology selection decision as being made solely to minimize product cost. Since the cost of producing energy using a particular technology will be different for different producers, a number of technologies will be adopted in the market rather than a single, "least-cost" technology.
Source: Management Science
Boyd, Dean, Robert Phillips, and Stephan Regulinski. "A model of technology selection by cost minimizing producers." Management Science 28, no. 4 (April 1982): 418-424.