A dynamic model featuring a stochastic technology frontier shows significant impact of technology adoption for asset prices. In equilibrium, firms operating with old capital are riskier because costly technology adoption restricts their flexibilities in upgrading to the latest technology, making...

We study optimal investment in technologies characterized by the learning curve. There are two investment patterns depending on the shape of the learning curve. If the learning process is slow, firms invest relatively late and on a larger scale. If the curve is steep, firms invest earlier and on...

Unmanned aerial vehicles (UAVs) are predicted to be the most dynamic growth sector of the world aerospace market this decade. This technology is swiftly strengthening its presence in multiple fields of human life. In the global aerospace industry, UAVs have become an essential means of securing...