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Ambiguity Attitude, R&D Investments and Economic Growth Author info | Abstract | Publisher info | Download info | Related research | Statistics Guido Cozzi
Paolo E. Giordani
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The process aimed at discovering new ideas is an economic activity whose returns are intrinsically uncertain. In a standard neo-Schumpeterian growth framework we assume that, when deciding upon R&D efforts, economic agents hold ‘ambiguous beliefs’ about the exact probability of arrival of the next vertical innovations, and face ambiguity via the α-MEU decision rule (Ghirardato et al. (2004)). Along the steady-state equilibrium the higher the agents’ ambiguity aversion (α), the lower the R&D efforts and, coeteris paribus, the overall economic performance. Consistently with a cross-country empirical evidence, this causal mechanism suggests that, together with the profitability conditions of the economy, different ‘cultural’ attitudes towards ambiguity may contribute to explain the different R&D intensities observed across countries.
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Paper provided by Department of Economics, University of Glasgow in its series Working Papers with number
2008_06.
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Handle: RePEc:gla:glaewp:2008_06Contact details of provider: Postal: Adam Smith Building, University of Glasgow, Glasgow G12 8RT Phone: 0141 330 4618 Fax: 0141 330 4940 Web page: http://www.gla.ac.uk/departments/economics/ More information through EDIRC
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Keywords: Schumpeterian growth ; ambiguity ; cultural attitude towards Ambiguity ; arrival rate of innovation ; R&D investments. ; Find related papers by JEL classification: O32 - Economic Development, Technological Change, and Growth - - Technological Change - - - Management of Technological Innovation and R&D O41 - Economic Development, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - One, Two, and Multisector Growth Models D81 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Criteria for Decision-Making under Risk and Uncertainty Z1 - Other Special Topics - - Cultural Economics
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