Pry made about the rate of a technological substitution

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The Fisher-Pry Model of technological substitution manages to describe the adoption of many new technologies as a function of time. It uses a common function with 2 adjustable parameters. By adjusting those parameters the function is found to fit well a very wide range of data about the rate of adoption of new innovations. What is the simple basic assumption Fisher and Pry made about the rate of a technological substitution?

Reference no: EM13910807

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