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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Original Publication URL: http://dx.doi.org/10.1006/jeth.2000.2727


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.

Item Type: Article
Digital Object Identifier (DOI): doi:10.1006/jeth.2000.2727
ISSNs: 0022-0531 (print)
Related URLs:
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
ePrint ID: 32983
Accepted Date and Publication Date:
Date Deposited: 15 May 2006
Last Modified: 31 Mar 2016 11:59
URI: http://eprints.soton.ac.uk/id/eprint/32983

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