The refoundation of the symmetric equilibrium in Schumpeterian growth models

• 成果类型: Article
• 署名作者: Cozzi, Guido; Giordani, Paolo E.; Zamparelli, Luca
• 署名单位: Sapienza University Rome; University of Macerata; European University Institute; The New School
• 刊物名称: JOURNAL OF ECONOMIC THEORY
• ISSN/ISSBN: 0022-0531
• DOI: 10.1016/j.jet.2006.10.006
• 发表日期: 2007
• 页码: 788-797
• 关键词: R&D-driven growth models; indeterminacy; ambiguity; epsilon-contamination

摘要

We provide a refoundation of the symmetric growth equilibrium characterizing the research sector of vertical R&D-driven growth models. We argue that the usual assumptions made in this class of models leave the agents indifferent as to where targeting research: hence, the problem of the allocation of R&D investment across sectors is indeterminate. By introducing an ,-contamination of confidence in the expected distribution of R&D investment, we prove that the symmetric structure of R&D investment is the unique rational expectations equilibrium compatible with ambiguity-averse agents adopting a maxmin strategy. (C) 2006 Elsevier Inc. All rights reserved.