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Non Expectations and Adaptive Behaviours: the Missing Trade-off in Models of Innovation

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Author Info
Vanessa Oltra
Murat Yildizoglu

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Abstract

We explore the modelling of the determination of the level of R&D investment of firms. This means that we do not tackle the decision of being an innovator or not, nor the adoption of a new technology. We exclude these decisions and focus on the situations where firms invest in internal R&D in order to produce an innovation. In that case the problem is to determine the level of R&D investment. Our interest is to analyse how expectation and adaptation can be combined in the modelling of R&D investment rules. In the literature both dimensions are generally split up: rational expectations are assumed in neoclassical models whereas alternative approaches (institutional and/or evolutionary) generally adopt a purely adaptive representation.

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Paper provided by Bureau d'Economie Théorique et Appliquée, ULP, Strasbourg in its series Working Papers of BETA with number 9915.

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Date of creation: 1999
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Handle: RePEc:ulp:sbbeta:9915

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Related research
Keywords: Bounded rationality; learning; expectations; innovation dynamics.;

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Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. Winter, Sidney G., 1984. "Schumpeterian competition in alternative technological regimes," Journal of Economic Behavior & Organization, Elsevier, vol. 5(3-4), pages 287-320. [Downloadable!] (restricted)
  2. Silverberg, Gerald & Verspagen, Bart, 1995. "An Evolutionary Model of Long Term Cyclical Variations of Catching Up and Falling Behind," Journal of Evolutionary Economics, Springer, vol. 5(3), pages 209-27, September.
  3. Ericson, Richard & Pakes, Ariel, 1995. "Markov-Perfect Industry Dynamics: A Framework for Empirical Work," Review of Economic Studies, Blackwell Publishing, vol. 62(1), pages 53-82, January. [Downloadable!] (restricted)
  4. Kwasnicki, Witold & Kwasnicka, Halina, 1992. "Market, innovation, competition: An evolutionary model of industrial dynamics," Journal of Economic Behavior & Organization, Elsevier, vol. 19(3), pages 343-368, December. [Downloadable!] (restricted)
  5. Kwasnicki, Witold, 1998. "Skewed distributions of firm sizes--an evolutionary perspective," Structural Change and Economic Dynamics, Elsevier, vol. 9(1), pages 135-158, March. [Downloadable!] (restricted)
  6. Aghion, Philippe & Howitt, Peter, 1992. "A Model of Growth through Creative Destruction," Econometrica, Econometric Society, vol. 60(2), pages 323-51, March. [Downloadable!] (restricted)
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  7. G. Silverberg & B. Verspagen, 1995. "Evolutionary Theorizing on Economic Growth," Working Papers wp95078, International Institute for Applied Systems Analysis. [Downloadable!]
  8. Gerard Ballot & Erol Taymaz, 1999. "Technological Change, Learning and Macro-Economic Coordination: an Evolutionary Model," Journal of Artificial Societies and Social Simulation, Journal of Artificial Societies and Social Simulation, vol. 2. [Downloadable!]
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  1. Murat Yildizoglu, 1999. "Competing R&D Strategies in an Evolutionary Industry Model," Working Papers of BETA 9914, Bureau d'Economie Théorique et Appliquée, ULP, Strasbourg. [Downloadable!]
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