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Growth through learning

Author

Listed:
  • Boyan Jovanovic

    (New York University)

  • Sai Ma

    (Federal Reserve Board)

Abstract

This paper analyzes an economy in which agents face related problems and invest in parameter information that they share. The N-player game generates growth via statistical learning alone. The equilibrium growth rate rises with agents' risk aversion via precautionary saving. Research entails a free riding problem, but the scale effect dominates and growth rises with the number of agents. (Copyright: Elsevier)

Suggested Citation

  • Boyan Jovanovic & Sai Ma, 2023. "Growth through learning," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 50, pages 211-234, October.
    • Handle: RePEc:red:issued:23-157
    DOI: 10.1016/j.red.2023.07.002
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