dc.contributor.author | COZZI, Guido | |
dc.contributor.author | GIORDANI, Paolo | |
dc.contributor.author | ZAMPARELLI, Luca | |
dc.date.accessioned | 2011-04-19T12:47:01Z | |
dc.date.available | 2011-04-19T12:47:01Z | |
dc.date.issued | 2007 | |
dc.identifier.citation | Journal of Economic Theory, 2007, 136, 1, 788-797 | |
dc.identifier.issn | 0022-0531 | |
dc.identifier.uri | https://hdl.handle.net/1814/16422 | |
dc.description.abstract | We provide a refoundation of the symmetric growth equilibrium characterizing the research sector of vertical R&D-driven growth models. We argue that the usual assumptions made in this class of models leave the agents indifferent as to where targeting research: hence, the problem of the allocation of R&D investment across sectors is indeterminate. By introducing an ,-contamination of confidence in the expected distribution of R&D investment, we prove that the symmetric structure of R&D investment is the unique rational expectations equilibrium compatible with ambiguity-averse agents adopting a maxmin strategy. (C) 2006 Elsevier Inc. All rights reserved. | |
dc.language.iso | en | |
dc.publisher | Academic Press Inc Elsevier Science | |
dc.subject | R&D-driven growth models | |
dc.subject | indeterminacy | |
dc.subject | ambiguity | |
dc.subject | epsilon-contamination | |
dc.title | The Refoundation of the Symmetric Equilibrium in Schumpeterian Growth Models | |
dc.type | Article | |
dc.identifier.doi | 10.1016/j.jet.2006.10.006 | |
dc.neeo.contributor | COZZI|Guido|aut| | |
dc.neeo.contributor | GIORDANI|Paolo|aut| | |
dc.neeo.contributor | ZAMPARELLI|Luca|aut| | |
dc.identifier.volume | 136 | |
dc.identifier.startpage | 788 | |
dc.identifier.endpage | 797 | |
eui.subscribe.skip | true | |
dc.identifier.issue | 1 | |