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

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Author Info
Gerald Silverberg (MERIT)
Murat Yildizoglu (IFReDE-E3i)

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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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Publisher 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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Find related papers by JEL classification:
D83 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Search, Learning, and Information
O0 - Economic Development, Technological Change, and Growth - - General

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This page was last updated on 2009-11-27.

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