Stochastic Lotka-Volterra equations: A model of lagged diffusion of technology in an interconnected world

Anindya S. Chakrabarti

No WP2015-08-05, IIMA Working Papers from Indian Institute of Management Ahmedabad, Research and Publication Department

Abstract: We present a model of technological evolution due to interaction between multiple countries and the resultant effects on the corresponding macro variables. The world consists of a set of economies where some countries are leaders and some are followers in the technology ladder. All of them potentially gains from technological breakthroughs. Applying the famous Lotka-Volterra equations to model the evolution of technology frontier, we show that the way technology diffuses creates repercussions in the partner economies. This process captures the spill-over effects on major macro variables seen in the current highly globalized world due to trickle-down effects of technology.

Date: 2015-08-25
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