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Learning-by-doing and the choice of technology: the role of patience

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  • Karp, L.
  • Lee, I.H.

Abstract

Jovanovic and Nyarko (1996) showed that when agents learn-by-doing and are myopic, less advanced agents may adopt new technologies while more advanced firms stick with the old technology since the new technology takes time to learn. In this case, the less advanced agents might eventually overtake (or "leapfrog") the advanced agents. We show that this kind of overtaking can also occur if agents are forward looking and have high discount rates. However, if agents are sufficiently patient, overtaking cannot occur. A lower discount rate increases the set of states at which agents adopt new technologies, so more patient agents tend to upgrade their technology more frequently.

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Bibliographic Info

Paper provided by Economics Division, School of Social Sciences, University of Southampton in its series Discussion Paper Series In Economics And Econometrics with number 9810.

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Date of creation: 01 Jan 1998
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Handle: RePEc:stn:sotoec:9810

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References

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  1. Budd, Christopher & Harris, Christopher & Vickers, John, 1993. "A Model of the Evolution of Duopoly: Does the Asymmetry between Firms Tend to Increase or Decrease?," Review of Economic Studies, Wiley Blackwell, vol. 60(3), pages 543-73, July.
  2. Parente Stephen L., 1994. "Technology Adoption, Learning-by-Doing, and Economic Growth," Journal of Economic Theory, Elsevier, vol. 63(2), pages 346-369, August.
  3. Robert J. Barro, 2012. "Inflation and Economic Growth," CEMA Working Papers 568, China Economics and Management Academy, Central University of Finance and Economics.
  4. Boyan Jovanovic & Yaw Nyarko, 1994. "Learning By Doing and the Choice of Technology," NBER Working Papers 4739, National Bureau of Economic Research, Inc.
  5. Lucas, Robert E, Jr, 1993. "Making a Miracle," Econometrica, Econometric Society, vol. 61(2), pages 251-72, March.
  6. Motta, M., 1997. "On the persistence of leadership or leapfrogging in international trade. Int. Econ. Rev," Open Access publications from Université catholique de Louvain info:hdl:2078.1/46625, Université catholique de Louvain.
  7. Krusell, P. & Rios-Rull, J.V., 1993. "Vested Interests in a Positive Theory of Stagnation and Growth," Papers 547, Stockholm - International Economic Studies.
  8. Brezis, Elise S & Krugman, Paul R & Tsiddon, Daniel, 1993. "Leapfrogging in International Competition: A Theory of Cycles in National Technological Leadership," American Economic Review, American Economic Association, vol. 83(5), pages 1211-19, December.
  9. Motta, Massimo & Thisse, Jacques-Francois & Cabrales, Antonio, 1997. "On the Persistence of Leadership or Leapfrogging in International Trade," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 38(4), pages 809-24, November.
  10. Chari, V V & Hopenhayn, Hugo, 1991. "Vintage Human Capital, Growth, and the Diffusion of New Technology," Journal of Political Economy, University of Chicago Press, vol. 99(6), pages 1142-65, December.
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Cited by:
  1. Rob Hart, 2009. "Bad Eggs, Learning-by-doing, and the Choice of Technology," Environmental & Resource Economics, European Association of Environmental and Resource Economists, vol. 42(4), pages 429-450, April.
  2. Margherita Scarlato & Marisa Cenci, 2004. "Istituzioni e mercato del lavoro nel Mezzogiorno d'Italia: un'analisi dinamica," GE, Growth, Math methods 0402002, EconWPA.
  3. Rivas, Javier, 2010. "The effects of the market structure on the adoption of evolving technologies," Journal of Economic Dynamics and Control, Elsevier, vol. 34(12), pages 2485-2493, December.
  4. Mateos-Planas, Xavier, 2004. "Technology adoption with finite horizons," Journal of Economic Dynamics and Control, Elsevier, vol. 28(11), pages 2129-2154, October.
  5. Hill, William W. & Beatty, Sharon E., 2011. "A model of adolescents' online consumer self-efficacy (OCSE)," Journal of Business Research, Elsevier, vol. 64(10), pages 1025-1033, October.
  6. James G. Mulligan & Nilotpal Das, 2005. "Persistent Adoption of Time-Saving Process Innovations," Working Papers 05-03, University of Delaware, Department of Economics.

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