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An evolutionary interpretation of the Aghion & Howitt (1992) Model

Author

Listed:
  • Gerald Silverberg

    (MERIT/Maastricht)

  • Murat Yildizoglu

    (IFReDE-E3i/Bordeaux)

Abstract

We test the robustness of the main growth mechanisms of the original Aghion & Howitt model by relaxing two central assumptions: the homogeneity of the agents and perfect foresight. To this end, we introduce boundedly rational firms in the R&D sector that are capable of learning. Our first results show that the original AH assumptions are essential for continuous endogenous growth of the economy.
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Suggested Citation

  • Gerald Silverberg & Murat Yildizoglu, 2002. "An evolutionary interpretation of the Aghion & Howitt (1992) Model," Computing in Economics and Finance 2002 207, Society for Computational Economics.
  • Handle: RePEc:sce:scecf2:207
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    Cited by:

    1. Murat YILDIZOGLU (Université Aix-Marseille3), 2009. "Evolutionary approaches of economic dynamics (In French)," Cahiers du GREThA 2009-16, Groupe de Recherche en Economie Théorique et Appliquée.

    More about this item

    Keywords

    Endogenous Growth; Agent Based Modelling; Innovation; Learning;

    JEL classification:

    • D83 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Search; Learning; Information and Knowledge; Communication; Belief; Unawareness
    • O0 - Economic Development, Innovation, Technological Change, and Growth - - General

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