Entry and growth in a perfectly competitive vintage model

• 成果类型: Article
• 署名作者: Funk, Peter
• 署名单位: University of Cologne
• 刊物名称: JOURNAL OF ECONOMIC THEORY
• ISSN/ISSBN: 0022-0531
• DOI: 10.1016/j.jet.2007.06.003
• 发表日期: 2008
• 页码: 211-236
• 关键词: endogenous growth; productivity-dispersion; vintage model; COMPETITION

摘要

A perfectly competitive vintage-knowledge model of Schumpeterian growth is introduced to study the relation between growth, technology-lifetime, entry, and productivity-dispersion. The incentive to innovate is generated by the productivity-dispersion (latent in traditional vintage models) between new and old plants, rather than by monopoly rents. The model has a unique steady-state REE with endogenous growth. The endogenous extent of entry constitutes a buffer, dampening the effect of research-efficiency and completely neutralizing the effect of population size or population growth rates on per-capita income levels and growth rates. Variations of research-efficiency lead to a negative relation between growth and vintage-lifetime and a non-monotonic relation between growth and productivity-dispersion. (C) 2007 Elsevier Inc. All rights reserved.