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Knowledge Exchange, Matching, and Agglomeration

  • Marcus Berliant

Despite wide recognition of their significant role in explaining sustained growth and economic development, uncompensated knowledge spillovers have not yet been fully modeled with a microeconomic foundation. This paper illustrates the exchange of knowledge as well as its consequences for agglomerative activity in a general-equilibrium search-theoretic framework. Agents, possessing differentiated types of knowledge, search for partners to exchange ideas in order to improve production efficacy. Contrary to previous work, we demonstrate that a decentralized equilibrium may be under-populated or over-populated and under-selective or over-selective in knowledge exchange, compared to the social optimum.

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Paper provided by UCLA Department of Economics in its series Theory workshop papers with number 505798000000000026.

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Date of creation: 13 Feb 2003
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Handle: RePEc:cla:uclatw:505798000000000026
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