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Technological Change and Institutional Inertia: A Game-Theoretic Approach

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  • Vega-Redondo, Fernando

Abstract

In this paper, we study a co-evolutionary model of economic change at two hierarchical levels. At the lower level, "institutions" are given and the focus is on how resources are allocated and innovation produced in response to the pay off structure induced by prevailing institutions. At the higher level, it is the institutions themselves that change as the outcome of a process of social bargaining. The main objective of the paper is to study the interaction between these two levels of change, attempting to provide some insight on issues like technological/institutional divergence, technological dead-end, institutional inertia, etc.

Suggested Citation

  • Vega-Redondo, Fernando, 1993. "Technological Change and Institutional Inertia: A Game-Theoretic Approach," Journal of Evolutionary Economics, Springer, vol. 3(3), pages 199-224, August.
    • Handle: RePEc:spr:joevec:v:3:y:1993:i:3:p:199-224
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    Cited by:

    1. Hoyoon Lee & Dawoon Jeong & Jeong-Dong Lee, 2023. "Drivers of institutional evolution: phylogenetic inertia and ecological pressure," Journal of Evolutionary Economics, Springer, vol. 33(2), pages 279-308, April.
    2. Desierto, D., 2005. "The Co-evolution of Institutions and Technology," Cambridge Working Papers in Economics 0558, Faculty of Economics, University of Cambridge.
    3. Desiree A. Desierto, 2008. "The Dynamics of Economic Integration," DEGIT Conference Papers c013_029, DEGIT, Dynamics, Economic Growth, and International Trade.

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