Non Expectations and Adaptive Behaviours: the Missing Trade-off in Models of Innovation
AbstractWe 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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Bibliographic InfoPaper provided by Bureau d'Economie Théorique et Appliquée, UDS, Strasbourg in its series Working Papers of BETA with number 9915.
Date of creation: 1999
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Bounded rationality; learning; expectations; innovation dynamics.;
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