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 Â¿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 InfoPaper provided by Department of Agricultural & Resource Economics, UC Berkeley in its series Department of Agricultural & Resource Economics, UC Berkeley, Working Paper Series with number qt4vh9x271.
Date of creation: 28 Apr 2000
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learning-by-doing; overtaking; leapfrogging; technology adoption; eco-nomic;
Other versions of this item:
- Karp, Larry & Lee, In Ho, 2001. "Learning-by-Doing and the Choice of Technology: The Role of Patience," Journal of Economic Theory, Elsevier, vol. 100(1), pages 73-92, September.
- 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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