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An Evolutionary Interpretation of the Aghion & Howitt (1992) Model

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  • Gerald Silverberg (MERIT)
  • Murat Yildizoglu (IFReDE-E3i)

Abstract

We 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 Info

Paper provided by Equipe Industries Innovation Institutions, Université Bordeaux IV, France in its series Working Papers with number 2002-3.

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Date of creation: 2002
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Handle: RePEc:iii:wpeiii:2002-3

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Related research

Keywords: Endogenous growth; evolutionary dynamics; learning with bounded rationality.;

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Cited by:
  1. 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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