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Learning-by-Doing and the Choice of Technology: The Role of Patience

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Author Info

  • Karp, Larry
  • Lee, In Ho

Abstract

If agents learn-by-doing and are myopic, less advanced firms might adopt new technologies while more advanced ¿rms 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.

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Bibliographic Info

Article provided by Elsevier in its journal Journal of Economic Theory.

Volume (Year): 100 (2001)
Issue (Month): 1 (September)
Pages: 73-92

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Handle: RePEc:eee:jetheo:v:100:y:2001:i:1:p:73-92

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Web page: http://www.elsevier.com/locate/inca/622869

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References

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  1. Robert J. Barro, 2012. "Inflation and Economic Growth," CEMA Working Papers 568, China Economics and Management Academy, Central University of Finance and Economics.
  2. Parente Stephen L., 1994. "Technology Adoption, Learning-by-Doing, and Economic Growth," Journal of Economic Theory, Elsevier, vol. 63(2), pages 346-369, August.
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  6. Jovanovic, Boyan & Nyarko, Yaw, 1996. "Learning by Doing and the Choice of Technology," Econometrica, Econometric Society, vol. 64(6), pages 1299-1310, November.
  7. Robert E Lucas, 1999. "Making a Miracle," Levine's Working Paper Archive 2101, David K. Levine.
  8. Chari, V V & Hopenhayn, Hugo, 1991. "Vintage Human Capital, Growth, and the Diffusion of New Technology," Journal of Political Economy, University of Chicago Press, vol. 99(6), pages 1142-65, December.
  9. Jovanovic, Boyan & Nyarko, Yaw, 1994. "The Bayesian Foundations of Learning by Doing," Working Papers 94-15, C.V. Starr Center for Applied Economics, New York University.
  10. Brezis, Elise S & Krugman, Paul R & Tsiddon, Daniel, 1993. "Leapfrogging in International Competition: A Theory of Cycles in National Technological Leadership," American Economic Review, American Economic Association, vol. 83(5), pages 1211-19, December.
  11. Budd, Christopher & Harris, Christopher & Vickers, John, 1993. "A Model of the Evolution of Duopoly: Does the Asymmetry between Firms Tend to Increase or Decrease?," Review of Economic Studies, Wiley Blackwell, vol. 60(3), pages 543-73, July.
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Citations

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Cited by:
  1. Rivas, Javier, 2010. "The effects of the market structure on the adoption of evolving technologies," Journal of Economic Dynamics and Control, Elsevier, vol. 34(12), pages 2485-2493, December.
  2. Rob Hart, 2009. "Bad Eggs, Learning-by-doing, and the Choice of Technology," Environmental & Resource Economics, European Association of Environmental and Resource Economists, vol. 42(4), pages 429-450, April.
  3. James G. Mulligan & Nilotpal Das, 2005. "Persistent Adoption of Time-Saving Process Innovations," Working Papers 05-03, University of Delaware, Department of Economics.
  4. Hill, William W. & Beatty, Sharon E., 2011. "A model of adolescents' online consumer self-efficacy (OCSE)," Journal of Business Research, Elsevier, vol. 64(10), pages 1025-1033, October.
  5. Mateos-Planas, Xavier, 2004. "Technology adoption with finite horizons," Journal of Economic Dynamics and Control, Elsevier, vol. 28(11), pages 2129-2154, October.
  6. Marisa Cenci & Margherita Scarlato, 2002. "Istituzioni e mercato del lavoro nel Mezzogiorno d’Italia: un’analisi dinamica," Rivista di Politica Economica, SIPI Spa, vol. 92(3), pages 281-320, May-June.

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