Learning-by-Doing and the Choice of Technology: The Role of Patience
AbstractIf agents learn-by-doing and are myopic, less advanced firms might adopt new technologies while more advanced ÃÂ¿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 InfoArticle provided by Elsevier in its journal Journal of Economic Theory.
Volume (Year): 100 (2001)
Issue (Month): 1 (September)
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Web page: http://www.elsevier.com/locate/inca/622869
Other versions of this item:
- Karp, Larry & Lee, In Ho, 2000. "Learning-by-Doing and the Choice of Technology: the Role of Patience," Department of Agricultural & Resource Economics, UC Berkeley, Working Paper Series qt4vh9x271, Department of Agricultural & Resource Economics, UC Berkeley.
- Karp, L. & Lee, I.H., 1998. "Learning-by-doing and the choice of technology: the role of patience," Discussion Paper Series In Economics And Econometrics 9810, Economics Division, School of Social Sciences, University of Southampton.
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