Learning-by-doing and the choice of technology: The role of patience

• 成果类型: Article
• 署名作者: Karp, L; Lee, IH
• 署名单位: University of California System; University of California Berkeley; University of Southampton
• 刊物名称: JOURNAL OF ECONOMIC THEORY
• ISSN/ISSBN: 0022-0531
• DOI: 10.1006/jeth.2000.2727
• 发表日期: 2001
• 页码: 73-92
• 关键词: learning by doing; overtaking; leapfrogging; technology adoption; Economic growth

摘要

If agents learn by doing and are myopic, less advanced firms might adopt new technologies while more advanced firms would stick with the old technology. This kind of overtaking can also occur if agents are forward looking and have high discount rates. However, overtaking never occurs if agents are sufficiently patient. A finite discount rate increases the set of states at which agents adopt new technologies, so more patient agents tend to upgrade their technology more frequently. (C) 2001 Academic Press.