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dc.contributor.authorCOZZI, Guido
dc.contributor.authorGIORDANI, Paolo
dc.contributor.authorZAMPARELLI, Luca
dc.date.accessioned2011-04-19T12:47:01Z
dc.date.available2011-04-19T12:47:01Z
dc.date.issued2007
dc.identifier.citationJournal of Economic Theory, 2007, 136, 1, 788-797
dc.identifier.issn0022-0531
dc.identifier.urihttps://hdl.handle.net/1814/16422
dc.description.abstractWe 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.isoen
dc.publisherAcademic Press Inc Elsevier Science
dc.subjectR&D-driven growth models
dc.subjectindeterminacy
dc.subjectambiguity
dc.subjectepsilon-contamination
dc.titleThe Refoundation of the Symmetric Equilibrium in Schumpeterian Growth Models
dc.typeArticle
dc.identifier.doi10.1016/j.jet.2006.10.006
dc.neeo.contributorCOZZI|Guido|aut|
dc.neeo.contributorGIORDANI|Paolo|aut|
dc.neeo.contributorZAMPARELLI|Luca|aut|
dc.identifier.volume136
dc.identifier.startpage788
dc.identifier.endpage797
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dc.identifier.issue1


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