Learning by Doing and the Choice of Technology
In a Bayesian model of learning, the more an agent uses a technology, the better he learns its parameters. This expertise is a form of human capital. Switching to a new technology temporarily reduces expertise: the bigger the leap, the bigger the loss. This may prevent the agent from climbing the technological ladder too fast. Someone skilled may want to stick to his technology and experience no growth in the long run. But someone less skilled may want to switch technologies over and over again and, therefore, enjoy long-run growth in output. Thus, the model can give rise to overtaking. Copyright 1996 by The Econometric Society.
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Volume (Year): 64 (1996)
Issue (Month): 6 (November)
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- Prescott, Edward C, 1972. "The Multi-Period Control Problem Under Uncertainty," Econometrica, Econometric Society, vol. 40(6), pages 1043-58, November.
- Nancy L. Stokey, 1990.
"Human Capital, Product Quality, And Growth,"
NBER Working Papers
3413, National Bureau of Economic Research, Inc.
- Robert Wilson, 1975. "Informational Economies of Scale," Bell Journal of Economics, The RAND Corporation, vol. 6(1), pages 184-195, Spring.
- Nyarko, Yaw, 1994. "On the Convexity of the Value Function in Bayesian Optimal Control Problems," Economic Theory, Springer, vol. 4(2), pages 303-09, March.
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