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

Record type: Article

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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Citation

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), pp. 73-92. (doi:10.1006/jeth.2000.2727).

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
ISSN: 0022-0531
PURE UUID: 252e5316-215a-4379-bef3-b08208e51ee3

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Date deposited: 15 May 2006
Last modified: 17 Jul 2017 15:54

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Contributors

Author: Larry Karp
Author: In Ho Lee

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