A decision-theoretic model of the decision to adopt a process innovation is developed, and used to derive a simple result for the time lag from a decision maker's first knowledge of the innovation to his first use of it.
Bibliographical noteFunding Information:
* We are grateful to our colleagues at Adelaide for helpful comments at several stages during the development of the model. The results reported here form part of a larger study on diffusion of agricultural innovations funded by the Rural Credits Development Fund of the Reserve Bank of Australia, and by the Australian Research Grants Committee.
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