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

Learning-by-doing and the choice of technology: the role of patience
Learning-by-doing and the choice of technology: the role of patience
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.
learning by doing, overtaking, leapfrogging, technology adoption, economic growth
0022-0531
73-92
Karp, Larry
c0e2efad-f4e6-4fb9-9630-aaa8cf37b72e
Lee, In Ho
f9fa5dda-198f-4857-8fe5-82023a389d3c
Karp, Larry
c0e2efad-f4e6-4fb9-9630-aaa8cf37b72e
Lee, In Ho
f9fa5dda-198f-4857-8fe5-82023a389d3c

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).

Record type: Article

Abstract

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.

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More information

Published date: 2001
Keywords: learning by doing, overtaking, leapfrogging, technology adoption, economic growth

Identifiers

Local EPrints ID: 32983
URI: http://eprints.soton.ac.uk/id/eprint/32983
DOI: doi:10.1006/jeth.2000.2727
ISSN: 0022-0531
PURE UUID: 252e5316-215a-4379-bef3-b08208e51ee3

Catalogue record

Date deposited: 15 May 2006
Last modified: 15 Mar 2024 07:40

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Contributors

Author: Larry Karp
Author: In Ho Lee

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