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An Evolutionary Interpretation of the Aghion & Howitt (1992) Model
Gerald Silverberg ()
Murat Yildizoglu Working Papers from Equipe Industries Innovation Institutions, Université Bordeaux IV, France
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
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Persistent link: http://EconPapers.repec.org/RePEc:iii:wpeiii:2002-3
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