Anticipation effects of technological progress on capital accumulation: a vintage capital approach

• 成果类型: Article
• 署名作者: Feichtinger, G; Hartl, RF; Kort, PM; Veliov, VM
• 署名单位: Tilburg University; Tilburg University; Technische Universitat Wien; University of Vienna; University of Antwerp; Bulgarian Academy of Sciences
• 刊物名称: JOURNAL OF ECONOMIC THEORY
• ISSN/ISSBN: 0022-0531
• DOI: 10.1016/j.jet.2004.10.001
• 发表日期: 2006
• 页码: 143-164
• 关键词: vintage capital; embodied technological progress; learning; maxinium principle

摘要

Due to embodied technological progress new generations of capital goods are more productive. Therefore, in order to study the effects of technological progress, a model must be analyzed in which different generations of capital goods can be distinguished. We determine in what way the firm adjusts current investments to predictions of technological progress. In the presence of market power we show that a negative anticipation effect occurs, i.e. Current investments in recent generations of capital goods decline when faster technological progress will take place in the future, because then it becomes more attractive to wait for new generations of capital goods. In case that only investments in new machines are possible, actually a whole wave of anticipation phases arises. (c) 2004 Elsevier Inc. All rights reserved.