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Learning-by-Doing and the Choice of Technology: The Role of Patience AgEcon
Karp, Larry S.; Lee, In Ho.
If agents learn-by-doing and are myopic, less advanced firms might adopt new technologies while more advanced firms stick with the old technology. This kind of overtaking can also occur if agents are forward looking and have high discount rates. However, overtaking never occurs if agents are sufficiently patient. A finite discount rate increases the set of states at which agents adopt new technologies, so more patient agents tend to upgrade their technology more frequently.
Tipo: Working or Discussion Paper Palavras-chave: Learning-by-doing; Overtaking; Leapfrogging; Technology adoption; Economic growth; International Development; Research and Development/Tech Change/Emerging Technologies; D92; O14; O33.
Ano: 2000 URL: http://purl.umn.edu/25108
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