Adoption rate and adoption cost of new technology: Economic surplus approach

摘要

This study investigated the adoption costs and adoption rate of maize production of farmers in the Limpopo province of South Africa. The results of the study showed that under new technology, there was an increase in the adoption rate of maize; however, farmers incurred proportional increases in adoption costs. The study concludes that the adoption of new technology is most likely to increase the cost of production, and farmers should be made aware and budget accordingly.