An Evolutionary Interpretation of the Aghion & Howitt (1992) Model

Gerald Silverberg () and Murat Yildizoglu ()

Working Papers from Equipe Industries Innovation Institutions, Université Bordeaux IV, France

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.

Keywords: Endogenous growth; evolutionary dynamics; learning with bounded rationality. (search for similar items in EconPapers)
JEL-codes: D83 O0 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-dev and nep-ino
Date: 2002
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Working Paper: An evolutionary interpretation of the Aghion & Howitt (1992) Model (2002)
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Persistent link: http://EconPapers.repec.org/RePEc:iii:wpeiii:2002-3

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