Growth through learning

Boyan Jovanovic () and Sai Ma

Review of Economic Dynamics, 2023, vol. 50, 211-234

Abstract: This paper analyzes an economy in which agents face related problems and invest in parameter information that they share. The N-player game generates growth via statistical learning alone. The equilibrium growth rate rises with agents' risk aversion via precautionary saving. Research entails a free riding problem, but the scale effect dominates and growth rises with the number of agents. (Copyright: Elsevier)

Date: 2023
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DOI: 10.1016/j.red.2023.07.002

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