Learning by Doing and the Choice of Technology
AbstractIn a Bayesian model of learning, the more an agent uses a technology, the better he learns its parameters. This expertise is a form of human capital. Switching to a new technology temporarily reduces expertise: the bigger the leap, the bigger the loss. This may prevent the agent from climbing the technological ladder too fast. Someone skilled may want to stick to his technology and experience no growth in the long run. But someone less skilled may want to switch technologies over and over again and, therefore, enjoy long-run growth in output. Thus, the model can give rise to overtaking. Copyright 1996 by The Econometric Society.
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Bibliographic InfoArticle provided by Econometric Society in its journal Econometrica.
Volume (Year): 64 (1996)
Issue (Month): 6 (November)
Other versions of this item:
- Boyan Jovanovic & Yaw Nyarko, 1994. "Learning By Doing and the Choice of Technology," NBER Working Papers 4739, National Bureau of Economic Research, Inc.
- Jovanovic, B. & Nyarko, Y., 1996. "Learning by Doing and the Choice of Technology," Working Papers 96-25, C.V. Starr Center for Applied Economics, New York University.
- C11 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods and Methodology: General - - - Bayesian Analysis: General
- D80 - Microeconomics - - Information, Knowledge, and Uncertainty - - - General
- O12 - Economic Development, Technological Change, and Growth - - Economic Development - - - Microeconomic Analyses of Economic Development
- O30 - Economic Development, Technological Change, and Growth - - Technological Change; Research and Development; Intellectual Property Rights - - - General
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Prescott, Edward C, 1972. "The Multi-Period Control Problem Under Uncertainty," Econometrica, Econometric Society, vol. 40(6), pages 1043-58, November.
- Nancy L. Stokey, 1990.
"Human Capital, Product Quality, And Growth,"
NBER Working Papers
3413, National Bureau of Economic Research, Inc.
- Nyarko, Yaw, 1994. "On the Convexity of the Value Function in Bayesian Optimal Control Problems," Economic Theory, Springer, vol. 4(2), pages 303-09, March.
- Robert Wilson, 1975. "Informational Economies of Scale," Bell Journal of Economics, The RAND Corporation, vol. 6(1), pages 184-195, Spring.
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