Learning-by-doing and the choice of technology: the role of patience
Karp, Larry and Lee, In Ho (2001) Learning-by-doing and the choice of technology: the role of patience. Journal of Economic Theory, 100, (1), 73-92. (doi:10.1006/jeth.2000.2727).
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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. Journal of Economic Literature Classification Numbers: D92, O14, O33.
|Keywords:||learning by doing, overtaking, leapfrogging, technology adoption, economic growth|
|Subjects:||H Social Sciences > HB Economic Theory|
|Divisions:||University Structure - Pre August 2011 > School of Social Sciences > Economics
|Date Deposited:||15 May 2006|
|Last Modified:||01 Jun 2011 04:22|
|Contact Email Address:||L.S.Karp@soton.ac.uk|
|RDF:||RDF+N-Triples, RDF+N3, RDF+XML, Browse.|
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