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• W2329272023 abstract "Beginning with Tinbergen in 1942, economists have employed a time trend in cost or production functions to represent the rate at which new technology is introduced into the production unit. In sufficiently flexible models of the production process the time trend may be used to obtain estimates of the rate, as well as direction, of technical change. The use of the time trend is generally defended on pragmatic grounds, as no theoretical justification exists for assuming that new technology is introduced at a steady rate that is independent of a firm's investment in R&D, education, capital of a more recent vintage, etc. In recent years alternatives to the traditional time trend have been sought to represent the rate at which new technology is introduced. Research in this area has been concentrated in the telecommunications industry, where the stock of R&D or the percentage of calls completed by direct-dialing or modern switching facilities have been employed as technological indices by Nadiri and Schankerman [32], Denny et al. [14], and Christensen et al. [7]. The latter two studies indicate that explicit technological indices provide a better representation of the pace of innovation than the time trend. This conclusion must remain tentative, however, as it is not possible to determine what is the true direction of technical change in these studies. This shortcoming is overcome in a recent study by Kopp and Smith [24], who compare the performance of time trends and explicit technological indices in a study using pseudo data generated by process analysis models. Their results unambiguously support the use of technologically explicit indicators of technical change, and indicate that the use of a time trend may not provide a consistent estimate of the direction of technical change. This study does not, however, shed any light on the ability of a time trend to accurately reflect the rate of technical change. The purpose of this study is to investigate the effects of alternative technological indices on the estimated rate and direction of technical change in the electric power industry. The performance of a time trend is compared with that of a vintage index, computed as the average age of a firm's steam generating capacity. This latter index is consistent with the notion that new technology is embodied in newly constructed capital, an assumption sup-" @default.
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• W2329272023 date "1986-10-01" @default.
• W2329272023 modified "2023-09-27" @default.
• W2329272023 title "Capital Vintage, Time Trends, and Technical Change in the Electric Power Industry" @default.
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• W2329272023 doi "https://doi.org/10.2307/1059416" @default.
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