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 Society for Computational Economics in its series Computing in Economics and Finance 2002 with number 207.
Date of creation: 01 Jul 2002
Date of revision:
Endogenous Growth; Agent Based Modelling; Innovation; Learning;
Other versions of this item:
- Gerald Silverberg (MERIT) & Murat Yildizoglu (IFReDE-E3i), 2002. "An Evolutionary Interpretation of the Aghion & Howitt (1992) Model," Working Papers 2002-3, Equipe Industries Innovation Institutions, Université Bordeaux IV, France.
- D83 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Search, Learning, and Information
- O0 - Economic Development, Technological Change, and Growth - - General
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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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