An Evolutionary Interpretation of the Aghion & Howitt (1992) Model
AbstractWe test the robustness of the main growth mechanisms of the original Aghion & Howitt model by relaxing two central assumptions: the homogeneity of the agents and perfect foresight. To this end, we introduce boundedly rational firms in the R&D sector that are capable of learning. Our first results show that the original AH assumptions are essential for continuous endogenous growth of the economy.
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Bibliographic InfoPaper provided by Equipe Industries Innovation Institutions, Université Bordeaux IV, France in its series Working Papers with number 2002-3.
Date of creation: 2002
Date of revision:
Endogenous growth; evolutionary dynamics; learning with bounded rationality.;
Other versions of this item:
- Gerald Silverberg & Murat Yildizoglu, 2002. "An evolutionary interpretation of the Aghion & Howitt (1992) Model," Computing in Economics and Finance 2002 207, Society for Computational Economics.
- D83 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Search, Learning, and Information
- O0 - Economic Development, Technological Change, and Growth - - General
This paper has been announced in the following NEP Reports:
- NEP-ALL-2003-06-04 (All new papers)
- NEP-DEV-2003-06-04 (Development)
- NEP-INO-2003-06-04 (Innovation)
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- Murat YILDIZOGLU (Université Aix-Marseille3), 2009. "Evolutionary approaches of economic dynamics (In French)," Cahiers du GREThA 2009-16, Groupe de Recherche en Economie Théorique et Appliquée.
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