A Comparison of Technological Growth Models

Various growth models were each fitted onto the data sets in an attempt to determine which growth models achieved the best forecasts for differing types of growth data. Of six such models studied, some models do significantly better than others in predicting future levels of growth. It is recommened that Weibull and the Gompertz growth curve be considered along with Pearl model by those industries presently considering the implementation of substitution analysis in their life analysis. In the early stage of growth, linear estimation should suffice to give reasonable forecasts. In the latter stage, however, as more data become availavle, nonlinear estimation should be used.