Collective Learning, Innovation and Growth in a Boundedly Rational, Evolutionary World
AbstractWe formulate a simple multiagent evolutionary scheme as a model of collective learning, i.e., a situation in which firms experiment, interact, and learn from each other. This scheme is then applied to a stylized endogenous growth economy in which firms have to determine how much to invest in R&D, where innovations are the stochastic product of their R&D activity, spillovers occur, but technological advantages are only relative and temporary and innovations actually diffuse, both at the intra- and interfirm levels. The model demonstrates both the existence of a unique long-run growth attractor (in the linear case) and distinct growth phases on the road to that attractor. We also compare the long-run growth patterns for a linear and a logistic innovation function, and produce some evidence for a bifurcation in the latter case.
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Bibliographic InfoArticle provided by Springer in its journal Journal of Evolutionary Economics.
Volume (Year): 4 (1994)
Issue (Month): 3 (September)
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Web page: http://link.springer.de/link/service/journals/00191/index.htm
Other versions of this item:
- Silverberg, Gerald & Verspagen, Bart, 1994. "Collective learning, innovation and growth in a boundedly rational, evolutionary world," Open Access publications from Maastricht University urn:nbn:nl:ui:27-18072, Maastricht University.
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- Silverberg, Gerald & Verspagen, Bart, 1994.
"Collective learning, innovation and growth in a boundedly rational, evolutionary world,"
Open Access publications from Maastricht University
urn:nbn:nl:ui:27-18072, Maastricht University.
- Silverberg, Gerald & Verspagen, Bart, 1994. "Collective Learning, Innovation and Growth in a Boundedly Rational, Evolutionary World," Journal of Evolutionary Economics, Springer, vol. 4(3), pages 207-26, September.
- Soete, Luc & Turner, Roy, 1984. "Technology Diffusion and the Rate of Technical Change," Economic Journal, Royal Economic Society, vol. 94(375), pages 612-23, September.
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